Camilla Jessen
Survey shows rising crisis for Russian small businesses.
Around one third of Russian entrepreneurs are considering closing or selling their companies, according to a new survey reported by Meduza on March 10.
The outlet cited research from the Public Opinion Foundation and Russia’s Higher School of Economics, published by Vedomosti.
The study found that 31% of business owners are thinking about shutting down or selling their firms.
That figure is eight percentage points higher than in the first quarter of 2025.
Outlook turns darker
More than half of respondents expect conditions to deteriorate further.
The survey showed that 52% of entrepreneurs believe the business climate will worsen in the first months of 2026.
According to Meduza, this is higher than early 2022, shortly after Russia launched its full-scale invasion of Ukraine, when 38% expected conditions to decline.
Only 12% said they believed the situation would improve.
Businesses in survival mode
The survey has tracked more than 700 entrepreneurs and small business owners since 2021.
By the end of 2025, about 39% described their businesses as operating in survival mode.
Another 39% reported lower income in the fourth quarter compared with the previous period.
Meanwhile, 29% said their revenue no longer covered direct costs.
Demand weakens
Demand also appeared to be falling.
The study found that 42% of businesses reported weaker customer demand.
Alexander Kalinin, head of the Opora Russia business association, told Vedomosti that positive trends had yet to appear and many companies were delaying investments.
He cited growing fiscal pressure, high interest rates, rising non-payments from partners and declining demand.
Russia’s broader economy has also shown signs of strain.
GDP fell by 2.1% year on year in January as weak consumer demand and high interest rates squeezed civilian industries.
While military production remains a major driver of growth, sectors linked to household spending and construction are facing the strongest pressure, highlighting weaknesses in Russia’s non-military economy.
Sources: Meduza, Vedomosti
