The corporate sector in Russia is facing an unprecedented volume of financial problems. According to the Foreign Intelligence Service of Ukraine (FSIU), based on materials from the Central Bank of the Russian Federation, Russian companies have accumulated more than $117.5 billion in overdue accounts receivable. By the end of February of the current year, the share of problem payments reached 6.7%, which is equivalent to approximately 3.8% of the country's gross domestic product.

Crisis in the "pillars" of the economy

The most acute situation has developed in industries that are traditionally considered the foundation of the Russian economy and the basis of its military power. In the extractive industry, the share of overdue payments exceeded 8%. In manufacturing and trade, this figure approached 7%. Intelligence notes an ironic contrast: it is precisely those sectors that the authorities position as guarantors of stability that are generating the largest volume of non-payments.

Despite these alarming figures, the Central Bank of the Russian Federation continues to reassure markets, stating that there are no systemic risks to financial stability. However, the regulator is forced to admit a deterioration in the financial indicators of the corporate sector as a whole.

Shadow economy and inter-corporate loans

The FSIU draws attention to a dangerous trend: a significant portion of non-payments is formed outside the banking system. Russian companies are increasingly resorting to payment deferrals to each other, effectively replacing bank lending with inter-corporate loans.

This mechanism allows for the maintenance of a semblance of business activity, but only delays the resolution of accumulated problems. The consequences of such a strategy are already manifesting:

  • Enterprises are becoming dependent on expensive short-term financing.
  • Investment programs are being reduced.
  • Financial pressure is being shifted onto suppliers and contractors.

Market cannibalization

Intelligence emphasizes that small and medium-sized enterprises remain the most vulnerable in this situation. The growth in the share of problem debts increases the risks of bankruptcies and takeovers by major players. FSIU experts summarize the situation with the phrase: "Corporate Russia is slowly cannibalizing itself".

The gap between reality and rhetoric

Facts confirm the deterioration of the macroeconomic picture. The Russian economy shrank by 0.3% by the end of the first quarter of 2026, and the Belarusian economy by 0.4%. Both countries entered the year with optimistic growth forecasts, but the result turned out to be the opposite.

These data stand in clear contradiction to the statements made by the head of the Kremlin, Vladimir Putin, at the St. Petersburg International Economic Forum. While officials demonstrate optimism, real indicators point to a deep liquidity crisis and structural problems in the Russian economy.