Accounts payable of organizations breaking records and becoming a source of mutual contagion for companies Faced with a lack of working capital, losses, the high cost of classic financing and difficulties in attracting it, companies began to massively postpone the arrangements with counterparties. By June 2026, the annual increase in accounts payable has broken records since 2004, rising by 32 trillion rubles (+26% last year) to 155 trillion rubles, according to the Expert RA review. This was twice as fast as the growth rate of debt on loans (12%) and bonds (13%). This situation creates a risk of a domino effect among organizations, when companies communicate to each other delays in making the payment. According to SPARK, the share of on-time payments for the first half of 2026 decreased in all business sectors. The arrears on bank loans to legal entities jumped to 28% by August 2026. The bond market is also experiencing a deterioration in the payment discipline of Russian enterprises and as a result an increase in default events: during the nine months of 2026, the number of companies that first made an initial technical default on bonds increased by 9 compared to the number of these companies for the whole of 2025. MEF ב-MAX.

Accounts payable of organizations breaking records and becoming a source of mutual contagion for companies Faced with a lack of working capital, losses, the high cost of classic financing and difficulties in attracting it, companies began to massively postpone the arrangements with counterparties. By June 2026, the annual increase in accounts payable has broken records since 2004, rising by 32 trillion rubles (+26% last year) to 155 trillion rubles, according to the Expert RA review. This was twice as fast as the growth rate of debt on loans (12%) and bonds (13%). This situation creates a risk of a domino effect among organizations, when companies communicate to each other delays in making the payment. According to SPARK, the share of on-time payments for the first half of 2026 decreased in all business sectors. The arrears on bank loans to legal entities jumped to 28% by August 2026. The bond market is also experiencing a deterioration in the payment discipline of Russian enterprises and as a result an increase in default events: during the nine months of 2026, the number of companies that first made an initial technical default on bonds increased by 9 compared to the number of these companies for the whole of 2025. MEF ב-MAX.