The Ukrainian Foreign Intelligence Service has released a detailed report on the state of the corporate sector in the Russian Federation based on the results of 2025. The document emphasizes that under the influence of international sanctions and the strict policies of the Central Bank of Russia, the number of loss-making enterprises is rapidly increasing, and the level of salary arrears has reached the highest figures in the last ten years.
This is reported by Finway
Increase in Loss-Making Companies and Financial Losses
By the end of 2025, the financial stability of medium and large companies in Russia has significantly weakened. The number of enterprises operating at a loss has reached 18,200, which is a 16% increase compared to the previous year. The total amount of losses has risen to $97.3 billion, demonstrating an increase of 8.1%. The main reasons for this trend are the reduction of product markets, the decline in global prices for Russian energy resources and metals, as well as the inability to attract cheap financing due to the increase in the Central Bank of Russia’s interest rate.
Record Salary Arrears and Industries with the Biggest Problems
The report pays particular attention to payment discipline issues, specifically overdue salary payments. By the end of December 2025, salary arrears in Russia reached $26.2 million, which is 14.5% more than the previous month and 130% more than a year ago. Of this amount, $22.1 million is related to the lack of own working capital in companies, indicating a serious liquidity problem.
“The highest levels of salary arrears are recorded in the construction sector (23.7%), healthcare and social services (16.6%), as well as in manufacturing (15.4%)”.
Under the pressure of sanctions and strict monetary policy, large Russian businesses are facing reduced markets, declining demand, and falling purchasing power among the population. This leads to a rapid increase in the number of bankruptcies and further weakening of the corporate sector.
In 2026, it is expected that the contraction of markets and challenging financial conditions will persist, resulting in continued declines in company profitability. The highest bankruptcy risk is forecasted for enterprises in the industrial and export sectors.