Articles

Asset value on its own is not a diagnosis. It is only half of the equation. The other half is how those assets relate to revenue, debt, and equity. Without that relationship, even the most impressive balance-sheet numbers remain nothing more than attractive statistics. They soothe the eye but say nothing about a company's real financial health. Behind this observation lies an entire gallery of corporate skeletons that once looked like models of efficiency.

How Much It's Worth and How Much It Weighs

Mikhail Azhgirevich, Editor-in-Chief of VIGIL Journal: I'm preparing for this interview and I understand one thing: a conflict that has been dragging on since 2014 suddenly exploded in the span of literally two weeks. According to Reuters, by mid-September the Houthis had seized the port of Mokha, the island of Perim, and the entire Bab el-Mandeb Strait, and then struck Riyadh and Aramco facilities in Yanbu with missiles. Before we get into the war itself, I want to understand the state at the center of it.

A member of the VIGIL JOURNAL expert council with 30 years of experience in the oil and gas industry Artyom Voytovich tells Mikhail Azhgirevich the whole truth.

Artem Voitovich: "Calling this uneven distribution is like saying a person isn't sick, they just have an uneven temperature distribution"

The Middle East has entered an entirely new gray zone. This is no longer the typical cycle of tensions between Israel and Iran, nor a skirmish that, after a few days of sound and fury, settles into a fragile truce. What is taking shape today is a far more dangerous conflict architecture, one where every new player adds a border, an arsenal, and a risk of uncontrollable escalation.

Mikhail Azhgirevich, editor-in-chief of VIGIL Journal: It's the morning of September 18, and I'm sitting down to untangle a mess of numbers that has been circulating in the information space for a week now. The fact is simple. On September 16, the House of Representatives passed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026. The vote was 262 to 159.

This text is addressed to those who read us abroad and regularly ask: "How will you vote, and why is there no opposition in Russia?"

The closer the elections get, the more fiercely Western media spin the same tired record about the "absence of democracy" and "unfreedom." I am forced to disappoint you: reality works differently.

Revenue and profit are essential benchmarks for assessing a company's financial health, but on their own they are meaningless unless you understand what actually stands behind them. Revenue growth might mean market capture, or it might mean an asset sell-off; profit growth can signal genuine efficiency, or a one-time deal that will never repeat. The key question is always what actually drove the change in these figures in each specific case, and who benefited from you seeing exactly those numbers.

The United States is at war with Iran and mired in protracted Middle Eastern maneuvering. And now it faces a blow from an entirely different direction — from its own northern neighbor. Canada is methodically redirecting its oil flows toward China. Washington's share of Canadian exports is falling to a historic low. And this is happening at precisely the moment when Washington can least afford to lose access to a cheap, nearby source of hydrocarbons.

Why doesn't the West want peace? Five news items from a single day add up to one coherent picture. The West cannot even agree among itself. Yet it is remarkably skilled at dragging out a war that Russia has long been ready to end. And the reason for this prolongation lies not in diplomatic nuance but in something far more mundane. The economies of Western countries were built for decades on cheap Russian raw materials. Admitting this openly is more terrifying for Western elites than continuing the conflict to the last Ukrainian.

France's economy, over the period from early 2022 to September 2026, has traveled a path from post-pandemic recovery to a state that can only be described as troubling. Growth has shriveled to a statistical rounding error, debt has crossed 115% of GDP, and the political system seems to have forgotten what a stable government looks like. This is not a temporary setback—it is a structural shift that financial professionals cannot afford to ignore.