Illustration: Red Square in ruins under a smoky sunset, with a wrecked tank and burning stacks of rubles

Russian Losses

Data updated 2026-10-22

Bad loans are rising across Russia’s banking system: 11.8% of corporate loans and 13.1% of unsecured consumer loans are now problem loans, while personal bankruptcies and bond defaults are at records.

Latest readings

Most recent figure for each indicator, with its date.

Banks and credit quality

Problem loans by type

Share of each loan book classed as problem loans (Bank of Russia).

What borrowing costs, by loan type

Full cost of credit (interest plus fees), % a year, July 2026. Credit cards cost four times the key rate.

Banking sector profit

Trillions of rubles; 2022 collapsed under sanctions, 2025 fell on rising credit losses.

Housing and mortgages

Mortgage lending per year

Trillions of rubles issued; the 2023 peak came from subsidised loans that ended in July 2024.

Car loans per month

Thousands of new and used car loans (National Bureau of Credit Histories).

Defaults and bankruptcies

Personal bankruptcies per year

Thousands of people (Fedresurs); 2022–2024 rounded.

Corporate bond defaults

Missed bond payments, billions of rubles; 2026 is to early October.

Reading these numbers

Problem loans are the Bank of Russia’s own classification. Analysts at the government-linked CMASF think the real level is higher, because large borrowers often have loans restructured rather than declared bad. The Bank of Russia says banks have enough capital to absorb losses; critics describe a “latent” banking crisis. Bond default counts differ by source (Cbonds, Moscow Exchange, rating agencies), so treat them as close estimates.

13 of 14 large Russian companies trade below their end-2021 share price; the median stock is −34% in rubles and −40% in US dollars.

Share price change since the end of 2021

Last close of 2021 to the latest price, in rubles; the dollar figure applies the ruble’s move (74.3 → latest official rate). Price only — dividends are not included, so total returns for big dividend payers (Lukoil, Tatneft, Sberbank) are better than shown.

Top Russian companies

Prices adjusted for splits. End-2021 prices are approximate closes; market value is from the Moscow Exchange index factsheet (30 Jun 2026) where available.

TickerCompanySectorEnd 2021 ₽Latest ₽Change ₽Change $Market valueNotes

MOEX Russia Index, last 5 years

The whole market for context; month-end closes in rubles.

Reading these numbers

Foreign investors have been locked out of Russian shares since 2022, so prices reflect domestic buyers only. Several companies issued many new shares (VTB, Aeroflot), which pushes the price per share down. Yandex and T-Bank were restructured into new companies, so their prices can’t be compared with 2021.

Bank shares: Europe, the US and Russia

December 2021 = 100. Europe: Euro Stoxx Banks (dividends reinvested, in euros). US: KBW Bank Index (price only, in dollars). Russia: RTS Financials (dividends reinvested, in dollars).

Bank shares since the invasion

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