Ukrainian Intelligence Report: Russian Corporate Losses Hit $97 Billion in 2025

Report from Ukraine's Foreign Intelligence Service

According to Главком: Ukraine's Foreign Intelligence Service has released an analysis detailing the state of Russia's corporate sector for the year 2025. This report provides a stark picture of the financial pressures on Russian businesses, documenting widespread losses, a growing number of unprofitable firms, and escalating wage arrears. The findings indicate that the financial stability of medium and large enterprises in the Russian Federation was under severe strain by the end of 2025.

Financial Losses and Debt

The number of loss-making companies in Russia surged to 18.2 thousand, marking a 16% increase from the previous year. Their aggregate losses reached $97.3 billion, up by 8.1%. Overdue wage debt by the end of December 2025 climbed to $26.2 million, a rise of 14.5% in a single month and a staggering 130% over the year. Of this total, $22.1 million is attributed to debts caused by companies' own lack of funds.

The highest levels of wage arrears were recorded in the following sectors:

• Construction (23.7%)
• Healthcare and Social Services (16.6%)
• Manufacturing (15.4%)

Furthermore, the number of court rulings involving asset seizure in criminal cases jumped from 11 thousand in 2023 to 31 thousand in 2025. According to Russia's Supreme Court, asset confiscation was applied to 4.2 thousand individuals in 2022, a figure that exceeded 24 thousand by 2024.

The report identifies several key factors behind the significant corporate losses:

• A contraction in export markets
• A decline in global prices for Russian raw materials, particularly oil and metals
• An inability to secure affordable credit due to the Russian central bank's high interest rates

Compared to 2020, the number of court-ordered asset confiscations has grown by a factor of 9.3, signaling a significant increase in legal pressure on businesses within Russia.

This report underscores the profound economic challenges facing Russia's corporate sector and points to growing state pressure on enterprises.

The rise in unprofitable companies and wage debt is likely to have social repercussions, as workers are left without proper compensation. The sharp increase in judicial verdicts also suggests a tightening of legal control over corporate activity in Russia, which could have long-term consequences for the country's business environment. This intelligence assessment comes amid ongoing international sanctions and economic isolation following Russia's full-scale invasion of Ukraine.