Recent data reveals that the corporate sector in Russia has accumulated over $117.5 billion in overdue receivables. As of February 2023, the proportion of problematic payments reached 6.7%, equivalent to approximately 3.8% of the country’s GDP.
According to the “Financial Stability Review” published by the Central Bank of Russia, which covers the fourth quarter of 2025 and the first quarter of 2026, the mining industry is facing the most severe challenges, with overdue payments exceeding 8%. The manufacturing and retail sectors are also experiencing significant issues, with overdue payments nearing 7%.
These sectors are traditionally viewed by Russian authorities as the backbone of the country’s military economy; however, they are simultaneously generating the highest levels of non-payments.
Despite these challenges, the Central Bank of Russia continues to assure markets that there are no systemic risks to financial stability. Nonetheless, the regulator acknowledges the deteriorating financial indicators within the corporate sector.
Notably, a significant portion of these payment delays is occurring outside the banking system. Russian companies are increasingly opting for deferred payments among themselves, effectively replacing bank credit with intercorporate loans.
This mechanism creates an illusion of business activity but merely postpones existing problems. As a result, companies are becoming more reliant on costly short-term financing, reducing their investment programs, and shifting financial pressure onto suppliers and contractors.
The report emphasizes that small and medium-sized enterprises are particularly vulnerable in this scenario. The rising share of problematic debts increases the risks of bankruptcies and potential acquisitions by larger firms.
As noted in the report, “Corporate Russia is slowly cannibalizing itself.”
The corporate sector in Russia is facing a significant rise in overdue debts, with implications for economic stability. While the Central Bank reassures markets, the reliance on intercorporate loans raises concerns about the long-term viability of many businesses, particularly smaller enterprises.