📉 How the Non-Priority Sector of the Economy Is Feeling

✔️Overdue debts of Russian businesses reached ₽7 trillion, an increase of almost 20% over the year (Rosstat). Total corporate liabilities approached ₽293 trillion, exceeding the expected nominal GDP of ₽228 trillion for 2026. Nearly half of the debt, over ₽141 trillion, is accounted for by settlements with counterparties and fiscal payments, the rest being bank loans. The main debtor is manufacturing with ₽2.5 trillion in overdue debt, followed by trade (₽950 billion), mining (almost ₽800 billion), and construction (₽321 billion).

✔️Pressure is coming from several sides. The key rate of 14.25% makes refinancing old debts almost impossible; companies take out new loans to pay off previous ones. Penalties for tax arrears are also tied to the rate. In Q1 2026, the volume of problem loans for legal entities increased by more than 4% to ₽11 trillion; in the SME segment, the share of bad loans rose by almost one percentage point to 19%. Against this backdrop, corporate profits collapsed by more than a quarter to ₽5.2 trillion, and investments fell by 14%.