Over the past year, the volume of mutual business defaults has grown by 21% and reached a record high for the entire period of observation. Such debts already account for about 3.8% of GDP.
The largest share of the debt is in the manufacturing sector—about $32 billion—as well as in trade—approximately $21 billion.
It is the manufacturing sector that has become the main driver of debt growth: in 2025 alone, debt in this sector increased by approximately $11 billion.
Economists attribute the worsening situation to declining demand, the onset of a GDP decline, as well as increased tax burdens and reduced budget spending.
After three years of unexpected economic growth, Russia is facing a sudden slowdown—war costs, inflation, and falling oil prices have begun to weigh on an economy that until recently seemed resilient to sanctions.
Consumer lending in Russia has fallen to a six-year low.