Non-Payments Have Become a New Norm for russian Businesses

The russian union of industrialists and entrepreneurs reported a deterioration in the corporate sector’s condition in the second quarter of 2026. A survey of businesses revealed an increase in problems across nearly all key areas. Non-payments between companies emerged as the biggest challenge.

Almost 40% of companies cited delays in payments to business partners as their main problem. This is by 5.6% higher than in the previous quarter. The central bank’s high key rate has limited access to cheap loans, so more and more  companies are financing their operations by delaying payments to suppliers. As a result, accounts payable have effectively become an alternative to bank lending.

Weak domestic demand remains the second-largest problem. It was cited by 33% of survey respondents. The business community’s response has been not to expand production but to implement strict cost-cutting measures. Already, 86.3% of companies plan to cut costs – an increase of 20.9% compared to the previous quarter. Another 26% of companies intend to raise prices to offset rising costs.

A shortage of working capital was reported by 26.9% of companies. At the same time, only 15% cited the unavailability of loans as a problem. This indicates a shift in the financing model. Companies turn to banks less frequently and more often shift financial pressure onto their counterparties through delayed payments.

The situation regarding production supplies has deteriorated significantly. The share of companies reporting difficulties with the supply of raw materials, materials, and components rose to 23.1%. Over the quarter, this figure increased by 12.5%. Sanctions and logistical restructuring continue to drive up companies’ costs.

Negative trends are also evident in production. The share of companies that reduced output rose to 14.1%, while the share of enterprises that froze or postponed investment programs rose to 12.8%. Both indicators rose by nearly 5% over the quarter. This means that businesses are not only reacting to current difficulties but are also cutting back on investments in future development.

As a result, the russian union of industrialists and entrepreneurs has acknowledged that the corporate sector is losing its ability to maintain normal operations. The spread of non-payments, reduced investment, and problems with financing and supply indicate that economic pressure is shifting from the financial system directly to businesses.