russia’s Industry and Export Sectors Facing Maximum Risk of Bankruptcy

By the end of 2025, the financial condition of medium and large russian enterprises continued to deteriorate, demonstrating growing imbalances in the corporate sector.

The number of loss-making companies rose to 18,200, showing a 16% increase year-on-year. Their total losses reached $97.3 billion, having increased by 8.1%. The highest concentration of problem enterprises was recorded in the coal mining, coke chemical, metallurgical, tobacco, and leather industries.

Payment discipline is deteriorating. Overdue wage arrears at the end of December 2025 increased to US$26.2 million, up by 14.5% over the month and by 130%  over  the year. Of this amount, US$22.1 million is attributable to debts caused by a lack of own funds of enterprises, indicating liquidity problems. The highest levels of arrears were recorded in construction (23.7%), healthcare and social services (16.6%), and manufacturing (15.4%).

Amid sanctions pressure and the rf central bank’s tight monetary policy, large businesses are facing shrinking markets, declining demand, and falling purchasing power. In the short term, this means an increase in bankruptcies and further weakening of the corporate sector.

In 2026, market contraction and tight financial conditions will keep the pressure on. Profitability will decline and bankruptcy risks will increase, especially in industrial and export sectors.