How strikes on Wildberries turned into a new front of economic war – Ukrainian attacks shake the Russian banking system
Kyiv • UNN
Ukrainian drones attack Wildberries logistics centers, threatening financial problems for the company and its creditors. The marketplace's debts reach 1.3 trillion rubles, and the strikes could increase pressure on the Russian economy.
After the start of regular attacks by Ukrainian drones on Wildberries logistics centers, Russia's largest marketplace faced not only the loss of warehouse capacity but also the risk of major financial problems. In reality, the goal of such strikes is not only to disrupt the logistics of the occupation army but also to weaken one of the largest private businesses in the Russian Federation, which is closely tied to the Russian financial system. UNN looked into why exactly Wildberries became a target of Ukrainian attacks and what consequences this could have for the aggressor country's economy.
Why Ukraine began striking Wildberries
The first strikes on Wildberries logistics complexes became part of Ukraine's campaign to destroy critical infrastructure deep inside Russia. While Ukrainian drones previously mostly attacked military enterprises, oil refineries, ammunition depots, and airfields, the list of targets later expanded.
President Volodymyr Zelenskyy explained that logistics centers are used not only for civilian trade. According to him, the marketplace infrastructure can be used to transport dual-use goods, elements of military supplies, and equipment necessary for the functioning of the Russian economy under wartime conditions.
Wildberries is Russia's largest marketplace. The company controls about 45% of the country's e-commerce market, and its turnover at the end of 2025 exceeded 6 trillion rubles. The logistics network includes dozens of huge warehouse complexes that have become the foundation of the company's business model.
It is this concentration of large logistics centers that made Wildberries particularly vulnerable to drone attacks.
A strike on logistics, not just warehouses
The destruction of a warehouse means much more than the loss of a building or goods. A modern logistics complex serves as a transport hub through which millions of goods pass; after it is taken out of service, the company is forced to redirect flows to other sites, which increases delivery time, transportation costs, and the load on other warehouses.
Each new strike creates additional difficulties for the entire logistics system. After a series of attacks, the company was forced to seek alternative warehouse space, including outside Russia. Russian media reported that Wildberries was considering the possibility of leasing significant space in Kazakhstan; a logistics complex in Belarus also became one of the backup centers, gaining even greater importance after the loss of some Russian capacity.
However, quickly compensating for the loss of large logistics centers is not easy. New warehouses must be found, equipped, integrated into the existing system, and staffed.
The consequences extend far beyond e-commerce
Wildberries is not just an online store. Hundreds of thousands of sellers operate on the platform, storing goods at the marketplace's warehouses and using its logistics and credit programs.
In the event of warehouse destruction, losses are borne not only by the marketplace owners but also by tens of thousands of entrepreneurs. For many sellers, the loss of goods means the inability to fulfill credit obligations, pay taxes, and continue operations.
That is why some experts talk about the risk of a domino effect, where the problems of one large company gradually spread to related industries.
Why banks are increasingly being discussed
The Ukrainian authorities pay special attention to the financial aspect. Advisor to the Head of the Office of the President Mykhailo Podolyak stated in an interview with DW that disrupting logistics is only one of the goals of the attacks.
According to him, Wildberries has a huge loan portfolio, so the company's massive losses could also affect the largest Russian banks, among which he named Sberbank, VTB, Alfa-Bank, and PSB.
"The losses could negatively impact revenues to the Russian budget and create additional social pressure inside the country," Podolyak said.
A similar assessment was expressed by co-owner of the Ukrainian defense company Fire Point, Denys Shtilerman. In his opinion, further weakening of the largest marketplaces could increase problems for banks that actively lent to this sector.
How large are Wildberries' debts
Wildberries has significantly less public financial reporting than its main competitor Ozon. At the same time, available documents show that the company's credit burden grew rapidly.
According to Russian reporting, short-term loans of Wildberries' main operating company alone increased almost eightfold over the year – to over 800 billion rubles.
A number of Russian media outlets, citing sources, estimated the group's total debt burden at approximately 1.3 trillion rubles. Part of these loans, according to media reports, falls on VTB. At the same time, it is impossible to independently confirm the exact structure of the loan portfolio, as the company does not publish full consolidated reporting.
What the Central Bank of Russia warned about
Even before the start of Ukrainian drone strikes, the Bank of Russia drew attention to the rapid accumulation of debts by the largest technology companies. In its financial stability review, the regulator noted that the total debt of the largest Russian "big techs" increased by more than half over the year and reached about 2 trillion rubles.
At the same time, the assets of these companies grew more slowly than their debts; the regulator separately emphasized that the rapid expansion of large marketplaces is accompanied by massive investments in warehouse infrastructure, and it is these facilities that have now become one of the main targets of Ukrainian attacks.
Will the state help
After a series of strikes, Russian media reported that co-owner of Wildberries, Tatyana Kim, appealed to the Russian government for support. The Kremlin confirmed that the situation is under the government's control, but no specific decisions were announced at the time.
At the same time, representatives of VTB stated their readiness to consider various forms of credit support for the company. This seems logical, as the bank is not only one of the largest creditors of the marketplace but also recently announced a strategic partnership with the RWB group, which includes Wildberries.
At the same time, any large-scale state support will require additional budget resources, while the Russian budget is already operating under conditions of a significant deficit.
Can the strikes change the situation
Experts assess the long-term consequences of the attacks differently. Some believe that even significant losses of individual warehouses will not lead to the company's collapse, as the state and banks will not allow one of the country's largest marketplaces to go bankrupt.
Others point out that the systematic destruction of logistics infrastructure gradually increases business costs, complicates loan servicing, creates problems for sellers, and increases the burden on the financial system.
In any case, the campaign of strikes against Wildberries indicates an expansion of the Ukrainian strategy of economic pressure on Russia. If earlier the main targets were oil refining, the military industry, and transport infrastructure, now strikes on logistics chains that ensure the operation of one of the largest sectors of the Russian economy are gaining increasing importance.