The Russian corporate sector entered 2026 in a state of "managed collapse" due to sanctions pressure, a high key interest rate, and tax increases. This was reported by the Foreign Intelligence Service of Ukraine, according to UNN.
Details
According to the SZRU (Foreign Intelligence Service), three-quarters of the largest Russian companies recorded a drop in revenue and profit or direct losses at the end of 2025. At the same time, dividend payments have become virtually inaccessible for most companies.
Intelligence officials note that in 2026, 53% of Russian companies reported cash flow gaps, and for 27% of businesses, this became a new problem.
The crisis was felt most acutely by the oil and gas and raw materials sectors, heavy industry, as well as wholesale and retail trade.
"Gazprom," which for years was one of the main symbols of the Kremlin's financial power, will leave shareholders without dividends for the second consecutive year. The last time the company paid dividends was for the first half of 2022.
"Rusal" and "Alrosa" also refused to make payments. The SZRU emphasizes that "Rusal" has not paid dividends since 2022 and does not plan to do so for the first quarter of 2026 either.
The situation is also difficult in the metallurgical sector. The largest steel producers — "NLMK" and "MMK" — recommended that shareholders not expect payments based on the results of 2025.
The crisis has also affected the real estate market. Developer "Samolet" incurred a net loss of 2.3 billion rubles after a profit of 8.2 billion a year earlier.
One of Russia's largest children's retailers, "Korablik," is on the verge of bankruptcy due to debt burden and falling demand, according to intelligence data.
The SZRU also reports mass staff reductions in Russian companies. In particular, "Rostelecom" cut 20,000 employees, and the confectionery holding "United Confectioners" laid off a quarter of its staff due to falling sales.
The profit of the company "Bork-Retail" collapsed by 90% compared to 2024.
The SZRU cited "Volga Avtodor" as one of the worst examples, where revenue fell by 96% and debts to creditors reached 3 billion rubles — five times the company's annual income.
Shareholders of "Magnit," "Uralkali," "Seligdar," "Fix Price," "Eurotrans," "Unipro," "Europlan," and the car-sharing service "Whoosh," which incurred a net loss of over 2.9 billion rubles, will also remain without dividends.
Separately, the SZRU drew attention to the situation with the "VK" holding, which is controlled by Vladimir Kiriyenko — the son of the Deputy Chief of Staff of the Presidential Administration of the Russian Federation, Sergey Kiriyenko.
"VK" did not disclose data on profits and losses in its quarterly financial statements at all, which likely indicates another negative financial result for the company.
RF puts Aeroflot share package up for sale at a loss of $170 million - intelligence27.05.26, 21:53