In Russia, the largest technology companies have accumulated more than $26 billion in debt
The financial burden on leading Russian IT companies continues to grow. By the end of 2025, the combined debt of Russia’s five largest technology companies had increased by 53% and exceeded $26 billion.
At the same time, the assets of the largest tech companies grew by 48%—to 4.6 trillion rubles—but the rate of debt accumulation remains higher, which is causing concern for the regulator.
It is noteworthy that previously, the Central Bank of the Russian Federation did not single out large tech companies as a separate category in its analytical reports. Their inclusion in the review indicates growing attention to financial risks in this sector.
The Russian regulator classifies large digital ecosystems that operate on the basis of modern technologies, platforms, and big data as big tech companies. At the same time, the assets of each such company exceed 200 billion rubles.
Although the Central Bank does not disclose the list of companies, analysts suggest that Russia’s largest marketplaces—Wildberries and Ozon—are among the most indebted.
Experts are paying particular attention to the situation with Wildberries. According to the financial statements of the marketplace’s main operating company—RVB LLC—the volume of short-term loans over the year increased nearly eightfold—from 104 billion to 802 billion rubles.
By comparison, Ozon’s short-term loans stood at around 80 billion rubles as of the end of 2025. Additionally, RVB’s long-term liabilities were estimated at another 28 billion rubles.
According to estimates by sources in the e-commerce market, Wildberries’ total debt burden could have approached 1.3 trillion rubles, while its debt to VTB Bank could have exceeded 500 billion rubles.
Despite the growth in business metrics, the regulator is drawing attention to another warning sign—the slowdown in the growth of the Russian e-commerce market. According to analysts, this is precisely what could make it difficult for the industry’s largest players to service their accumulated debt.
Thus, the Russian technology sector is becoming increasingly dependent on credit resources, while the prospects for further rapid market growth are becoming less clear.
These figures are cited in the Central Bank of Russia’s “Financial Stability Review,” which analyzes the state of the country’s financial system, according to the Russian publication The Bell.
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