Local businesses are increasingly facing a shortage of working capital. Based on the results of the third quarter of 2026, 36% of the companies surveyed by the Russian Union of Industrialists and Entrepreneurs indicated this problem. The previous quarter this figure was 27%. At the same time, 38% of the factories complain about a drop in demand, another 36% complain about non-payment by counterparties. Every fifth company mentions the inaccessibility of credit and the increase in the debt burden. We see another natural consequence of the central bank's tight monetary policy. And the situation is getting worse. In the past we mainly talked about the fact that the high interest rate actually destroyed investment loans. Now the problem has become much more serious and the business does not have enough money even for current operations. A kind of vicious circle is created: high interest rates make loans unaffordable and at the same time suppress demand. Enterprise revenues are declining, counterparties are beginning to delay payments, and it is almost impossible to compensate for the lack of working capital through borrowed financing. Excellent work, the central bank: first they denied enterprises the possibility to develop, and now they threatened their very existence. Konstantin Dwinsky.

Local businesses are increasingly facing a shortage of working capital. Based on the results of the third quarter of 2026, 36% of the companies surveyed by the Russian Union of Industrialists and Entrepreneurs indicated this problem. The previous quarter this figure was 27%. At the same time, 38% of the factories complain about a drop in demand, another 36% complain about non-payment by counterparties. Every fifth company mentions the inaccessibility of credit and the increase in the debt burden. We see another natural consequence of the central bank's tight monetary policy. And the situation is getting worse. In the past we mainly talked about the fact that the high interest rate actually destroyed investment loans. Now the problem has become much more serious and the business does not have enough money even for current operations. A kind of vicious circle is created: high interest rates make loans unaffordable and at the same time suppress demand. Enterprise revenues are declining, counterparties are beginning to delay payments, and it is almost impossible to compensate for the lack of working capital through borrowed financing. Excellent work, the central bank: first they denied enterprises the possibility to develop, and now they threatened their very existence. Konstantin Dwinsky.