The sharp economic slowdown and high interest rates have worsened the financial situation of Russian enterprises and led to a significant increase in payment arrears. According to Rosstat data, the share of overdue receivables in all receivables increased from 8.5 percent. in 2024 to 10.3 percent in 2025 This is the highest level since 2008, when the world experienced a financial crisis (the following year, Russian GDP fell by 7.9 percent) – this is according to Rosstat data. Since then, the share of overdue receivables has reached 10%. only in 2009, as well as in the crisis years of 2014 and 2015.
The number of arrears began to increase with the economic slowdown. The Kremlin-linked analytical center CMAKP noted that the acceleration in the growth of enterprises' outstanding payment obligations occurred in mid-2024. Already at the end of this year, the Russian central bank drew attention to the fact that businesses were returning to advance payments. “During operational surveys, companies are reporting some increase in payment delays and, consequently, a decrease in deferred deliveries and an increase in prepaid deliveries,” it said in a summary of the December reference rate discussion.
One of the reasons for the lack of payments is the deterioration of the financial situation of enterprises. Their profits decline and their losses increase – as a result, their overall bottom line declines. Last year it amounted to 27.1 trillion rubles (PLN 1.28 trillion) – 4 percent. less than a year earlier, and after taking into account inflation, the real decline in profits is almost 13%.
Unfavorable economic policy
High interest rates also contribute to this. As CMAKP states, corporate income is heavily burdened by interest. According to his calculations, profitability in most industries fell below interest rates on loans and the profitability of safe deposits a year ago.
This not only reduces profits, but also creates incentives to delay payments, even when companies have money – it is more profitable for them to put it in short-term deposits. “Companies with cash resources redirect them from production turnover to term deposits, at the same time increasing their debt to suppliers,” wrote CMAKP. – It is better for them to wait a while and even pay fines, because everything is compensated by the interest rate – said Aleksandr Shokhin, head of the Russian Union of Industrialists and Entrepreneurs.
According to him, small and medium-sized suppliers suffer the most from this. “Large companies may change settlement terms and extend payment deadlines, which may create problems for small businesses that do not receive timely payment for work performed,” the central bank noted.
What is the effect of this? Almost one third (31%) of small and medium-sized enterprises in Russia ended last year with large arrears in payments from contractors, and both the number and size of arrears increased during the year. Almost every fifth company from the small and medium-sized enterprise sector (19%) has had bills that have not been paid for more than half a year. “Turnover deadlines have extended and the share of overdue receivables has increased,” the heads of the central bank said in October 2025, discussing the reference rate.
At the end of the year, payments became arrears the main problem of enterprises. As shown by a study by the Russian Union of Industrialists and Entrepreneurs, 42.3 percent companies considered them to be the main limitation of their activities. 27% of respondents complained about them in the first and second quarter. , in the third quarter by 10 pp more. Since then, arrears in payments from contractors have taken first place among the key factors hindering the work of Russian companies.
