Debt at Russia’s five biggest tech firms swells to two trillion rubles, outpacing asset growth

The combined debt of Russia’s five largest technology companies rose 53 percent in 2025 to reach two trillion rubles ($27.3 billion), according to a report by Russia’s central bank titled “Financial Stability Review.” The Russian financial news outlet Frank Media was among the first to flag the data.

The companies’ debts are outpacing their assets, which rose 48% last year to 4.6 trillion rubles ($62.9 billion). The Russian business outlet The Bell noted that Russia’s central bank had not previously singled out big tech companies in its review, making their inclusion in the report “noteworthy in itself.”

“Under these conditions, it is important to monitor the debt burden of big tech companies. Although some of them do not publish financial statements, Russia’s central bank has already begun receiving the missing data from a number of large big tech companies and will continue engaging with them to improve their transparency,” the central bank’s report said.

Russia’s central bank did not identify which companies made the list. The regulator defines big tech companies as those that “emerged from non-financial organizations, develop their businesses using digital technologies, platforms, and big data, and build an ecosystem of services for their customer base,” with each company’s total assets exceeding 200 billion rubles.

The Bell concluded that the top five by debt should include the largest marketplaces: Wildberries and Ozon.

According to two of the outlet’s sources in the e‑commerce market, Wildberries’ total debt could have reached 1.3 trillion rubles ($17.8 billion) by late 2025, with its debt to VTB alone exceeding 500 billion rubles ($6.8 billion). Last week, Wildberries announced a partnership with the bank.