Russian debt reached a staggering 1,043 billion rubles in July 2025.
In Russia, the total obligation of employers towards employees as of July 2025 stands at 1.043 billion rubles, marking a significant decrease from the 1.6623 billion rubles recorded in May of the same year. This decrease is particularly noticeable in the construction sector, where the debt volume decreased from 46.8% in May to 33.3% in July.
The manufacturing sector, however, has seen a doubling of the debt volume, rising from 11.5% to 24%. The mining sector also experienced an increase, with the debt volume growing from 4.9% to 11.3%. On the other hand, the Information and Communication sector saw a decrease, dropping from 2.6% to an even lower percentage.
The sectors with the highest instances of unpaid wages in recent months have primarily been concentrated in industries severely affected by economic sanctions and supply chain disruptions, such as manufacturing and energy sectors. However, the situation varies as some sectors, like energy, receive more state support and foreign currency inflows, while others face harsher financial constraints, causing different developments across industries.
The State Duma began considering a bill on "credit holidays" for self-employed individuals and Small and Medium-sized Enterprises (SMEs) in 2025. The proposed limits for credit amounts are 10 million rubles for the self-employed, 60 million rubles for microenterprises, 400 million rubles for small, and 1 billion rubles for medium-sized enterprises. The maximum credit amount for application will be determined by the Russian government.
As for the average monthly nominal accrued wage, it was 87,952 rubles in 2024. By the end of the first quarter of 2025, this figure had increased by 15.5% to 91,000 rubles. The debt volume in July 2025 represents 0.04% of the total fund of accrued wages for May, which is 4.34 trillion rubles.
Interestingly, out of the total unpaid wages, 66.9% (697.7 million rubles) are debts incurred in 2025. Less than 1% of the total workforce in surveyed organizations has a fixed outstanding debt.
According to expert forecasts, 50% of Russians will be earning 100,000 rubles per month within five years. The top ten sectors with the highest outstanding employee debt are yet to be detailed, but sectors such as Education, Construction, and Real Estate Activities are among them.
In 2025, "mortality" of businesses in Russia was almost 1.5 times higher than its "birth rate". Despite these challenges, the Russian economy continues to evolve, with sectors like Agriculture, Forestry, and Fishing, and Water Supply; Sewerage, Waste Management, and Remediation Activities showing more stable debt levels. Electricity, Gas, Steam, and Air Conditioning Supply also falls within this category, with a debt volume of 4.7%.
In conclusion, while the Russian economy is facing challenges in certain sectors, there are signs of growth and stability in others. The implementation of the "credit holidays" bill and the forecasted increase in average wages could potentially help alleviate some of the financial pressures faced by self-employed individuals and SMEs.
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