Wage arrears in Russia have risen by 47.4% over the year and by almost 19% in just one month. At the same time, the number of defaults among bond issuers is increasing.
This was reported by Ukraine’s Foreign Intelligence Service.
According to the intelligence service, as of 1 September companies owed employees more than 2.4 billion roubles. In August alone, overdue arrears increased by 385.3 million roubles. More than half of the total amount — 1.31 billion roubles, or 54% — has accumulated during 2026.
The intelligence service says the main reason for non-payment is a lack of companies’ and organisations’ own funds. Businesses do not have enough money to settle with employees.
Problems are also being seen in the corporate debt market. According to the Foreign Intelligence Service, the number of defaults among bond issuers in Russia is rising every year. If 11 such cases were recorded in 2024, then in 2025 there were 24, and in less than a full year of 2026 there have already been 33.
The intelligence service links these trends to the Russian central bank’s monetary policy, geared towards an economy operating under wartime conditions. The high cost of borrowing makes it harder to finance businesses, while the war against Ukraine consumes budget resources.
- Russia’s federal budget deficit for the first nine months of 2026 amounted to 5.186 trillion roubles, 37% more than the Russian authorities had planned to spend above revenues for the entire year.