Russian state giants have accumulated debts amounting to 12 trillion rubles.

Russian state-owned companies have fallen into a debt trap due to falling exports and inflation.

In 2024, Russian state giants experienced a significant increase in debt burden due to a reduction in export revenues, high central bank rates, and large-scale capital expenditures.

According to Forbes, several of Russia’s largest state corporations have found themselves at the top of the list of companies with the largest debts. The total net financial debt of these companies exceeded 20.5 trillion rubles. Gazprom topped the ranking, with its net debt reaching 6 trillion rubles. The decline in export earnings, rising project financing costs, and increased borrowing costs were the main factors driving its debt increase.

Rosneft took second place in the ranking with a debt of 3.6 trillion rubles. Although the company maintains stable cash flows, it was forced to increase its debt obligations to support large-scale projects. The third largest debtor was Russian Railways, with a figure of 2.77 trillion rubles, followed by Atomenergoprom (a subsidiary of Rosatom) with a debt of 2.46 trillion rubles, and the Baltic Chemical Complex, partially owned by Gazprom, with a debt of 1.25 trillion rubles.

Experts emphasize that the high key rate of the Central Bank of the Russian Federation has significantly increased the costs of servicing loans. Additionally, limited access to international markets due to sanctions and a decline in export revenues have significantly constrained refinancing opportunities. According to Forbes, most companies doubled their debt servicing costs over the past year.

The increase in the debt burden deepens Russian companies’ dependency on state support, including funds from the National Welfare Fund. The Central Bank of Russia notes that 13 out of the country’s 78 large companies are already unable to meet their debt obligations.

Another factor exacerbating the financial situation is the introduction of a new price cap on Russian oil by the European Union. This could deprive the Russian budget of a significant portion of the planned oil and gas revenues, which have already fallen by a third.