Russia's aggressive war against Ukraine has led to colossal losses for Russian business. Thus, in 2025, companies in the aggressor country lost as much as 7 trillion rubles — an absolute record in the history of the enemy.
Points of attention
- The slowdown in Russia's economy, reflected in the significant drop in GDP growth from 4.3% in 2024 to 1% in 2025, coupled with sanctions and a strong ruble, contributed to the adverse effects on businesses reliant on mineral extraction and export.
- The ongoing war of aggression against Ukraine continues to have devastating repercussions on the Russian economy, posing challenges for businesses across various sectors and exacerbating financial losses.
Putin is killing Russian business with a war against Ukraine
18,200 Russian companies report losses of 7.5 trillion rubles for the period January-November 2025 alone.
Russian business has never faced such anomalous losses before in its history. The cause remains unchanged: the war of aggression against Ukraine.
Moreover, it is noted that the percentage of loss-making companies in 2025 reached its maximum since the pandemic of 2020 — it is as much as 28.8%.
Among the industries that have been hit the hardest:
manufacturing (primarily oil refining and metallurgy);
wholesale;
mining (especially coal, oil, and natural gas).
The consequences of the war were also felt by developers, transport engineering enterprises, and light industry.
One of the main reasons for this situation in Russian business was the economic slowdown.
What is important to understand is that in 2024, Russia's GDP grew by 4.3%, and in 2025 by only 1%.
At the same time, mineral extraction is suffering from sanctions, as well as the strengthening of the ruble, which has hit exporters.
