Overview

• The SZRU reports Russia has about 3.17 million registered firms as of Sept. 1, 2025, a loss of roughly 486,000 since 2022 and the lowest level since 2010.
• In the first half of 2025, business closures exceeded new registrations by about 1.5 to 1, marking the first such imbalance since 2022.
• Closures have been concentrated in trade, construction and industrial sectors, reflecting sanctions pressure and a defense-driven shift in domestic demand.
• The central bank cut its key rate to 17% on Sept. 12 after holding it near 21% for much of 2025, yet borrowing conditions remain restrictive.
• Reuters reports the government is considering a VAT increase to shore up revenues as the European Commission advances new sanctions targeting banks and energy, including a proposed EU ban on Russian LNG imports.