The Russian technology sector is experiencing an unprecedented credit boom. According to the latest data from the Bank of Russia, the total debt of the country's five largest technology companies has grown by more than 50% in a year, reaching the mark of 2 trillion rubles. This sharp jump in debt is occurring against the backdrop of more modest asset growth, which is causing concern for the regulator.
Growth Imbalance: Debts Outpace Assets
In the "Financial Stability Review" report, the Central Bank recorded a significant gap in the dynamics of financial indicators. If the debt burden on big tech increased by 53%, the companies' assets grew by only 48%, reaching 4.6 trillion rubles. The regulator explicitly points to the need for careful monitoring of the debt burden of the largest players, as current borrowing rates may create risks for the financial stability of the sector.
The definition of "big tech" in Russia includes companies formed on the basis of non-financial organizations but developing business through digital platforms and big data. The key selection criterion is a total asset volume exceeding 200 billion rubles. Experts from the Smart Ranking agency highlight "Yandex", the T-Bank group, Wildberries, Ozon, and the "Rostelecom" ecosystem in this top list. VK, MTS, and "Avito" also remain significant players.
Transparency Issues and Hidden Risks
One of the main difficulties in assessing the real situation is the lack of full transparency. Not all technology giants are required to publish detailed financial reports, which makes timely risk assessment difficult. The Central Bank acknowledges this gap and reports that it has already started receiving missing data directly from companies, striving to increase market transparency.
Interestingly, the regulator equates the demand for credit from marketplaces with the needs of traditional economic sectors — metallurgy and the oil and gas sector. This indicates that e-commerce has finally moved from the category of startups to the rank of systemically significant borrowers.
Wildberries: Phenomenal Debt Growth
Among the largest marketplaces, Wildberries demonstrates the most aggressive borrowing strategy. While Ozon is increasing debts moderately, the situation with the competitor looks different. According to RSBU reporting, by the end of 2025, Wildberries' short-term obligations on loans reached 802 billion rubles. Over the year, this figure grew almost 8 times.
However, official figures may not reflect the full picture. According to sources in the e-commerce market, Wildberries' total debt burden could have reached 1.3 trillion rubles. A significant portion of these funds — more than 500 billion rubles — accounts for debts to VTB. The recent announcement of a strategic partnership with this bank confirms that the credit line remains a key tool for scaling the company's business.