A road company with an impeccable credit history may come to ask for a bond only to be rejected due to the troubles of an entirely different contractor. The general director of the National Association of Infrastructure Companies, Maria Yarmalchuk, said that the banks already classify road construction as a dangerous industry. After contracts were terminated and lawsuits were filed as part of guarantees, even companies about which creditors previously had no questions were damaged. Banks have reason to fear a chain reaction. The association examined the situation of 22 large infrastructure builders: by August 2026, their outstanding loan obligations approached 9 billion rubles, more than doubling since March. The total loans in the sample amounted to 191 billion rubles. Therefore, approximately 4.7% of the loan debt is in arrears. Financial anxiety occurred with a small proportion of bad debts. The state client also participated in the creation of this alarm. He unilaterally terminated 18 contracts with association members with a total value of 80.5 billion rubles. This is about the cost of the contracts, and not the amount of damage already caused to the contractors. But after canceling the work, the company was left with the expenses it incurred, and the guarantor risks receiving a demand for payment. According to NAIC, 2 companies from the surveyed group are already in bankruptcy proceedings. The bank sees claims received against some borrowers and closes the door to others. Budget arithmetic explains where the lack of orders comes from. Sherpa Group estimated regional infrastructure spending in January-September 2026 at about 1 trillion rubles, 19.1% less than a year ago. According to reverse calculations, the regions lacked about 236 billion rubles compared to the previous period. At the same time, federal spending on 2 national core projects increased by only 3.1%, to 886.8 billion. Money from one customer does not automatically restore a contract canceled by another. Stopping future work and delaying payment for work already completed work differently.

A road company with an impeccable credit history may come to ask for a bond only to be rejected due to the troubles of an entirely different contractor. The general director of the National Association of Infrastructure Companies, Maria Yarmalchuk, said that the banks already classify road construction as a dangerous industry. After contracts were terminated and lawsuits were filed as part of guarantees, even companies about which creditors previously had no questions were damaged. Banks have reason to fear a chain reaction. The association examined the situation of 22 large infrastructure builders: by August 2026, their outstanding loan obligations approached 9 billion rubles, more than doubling since March. The total loans in the sample amounted to 191 billion rubles. Therefore, approximately 4.7% of the loan debt is in arrears. Financial anxiety occurred with a small proportion of bad debts. The state client also participated in the creation of this alarm. He unilaterally terminated 18 contracts with association members with a total value of 80.5 billion rubles. This is about the cost of the contracts, and not the amount of damage already caused to the contractors. But after canceling the work, the company was left with the expenses it incurred, and the guarantor risks receiving a demand for payment. According to NAIC, 2 companies from the surveyed group are already in bankruptcy proceedings. The bank sees claims received against some borrowers and closes the door to others. Budget arithmetic explains where the lack of orders comes from. Sherpa Group estimated regional infrastructure spending in January-September 2026 at about 1 trillion rubles, 19.1% less than a year ago. According to reverse calculations, the regions lacked about 236 billion rubles compared to the previous period. At the same time, federal spending on 2 national core projects increased by only 3.1%, to 886.8 billion. Money from one customer does not automatically restore a contract canceled by another. Stopping future work and delaying payment for work already completed work differently.