About a third (31%) of entrepreneurs in Russia are considering closing or selling their business. This comes after the results of a study conducted by the Foundation for Public Opinion (FOM) and the Higher School of Economics (HSE), which Driving “Vedomosti”.
In the first quarter of 2026, this number rose by eight percentage points compared to the same period in 2025. The newspaper states that companies also faced an increase in taxes, but not on such a large scale as now.
According to the survey, more than half (52%) of Russian entrepreneurs believe that the situation of their business will worsen in the first three months of 2026. This is higher than in the first months of 2022, that is, after the start of the Russian invasion of Ukraine. At that time, the percentage of pessimistic entrepreneurs reached 38%.
The percentage of those who expect improvements in their business in the first quarter of this year was 12%. Previously, this number was no less than 20%.
The study conducted by FOM and the Higher School of Economics has been conducted since 2021, and includes the same participants – more than 700 individual entrepreneurs and small business owners.
It was also found that the percentage of entrepreneurs is the highest during five years of monitoring. By the end of 2025, companies were in survival mode. In the last quarter of last year, this share reached 39%, while in the middle of the year it decreased by eight percentage points. Only 8% of participants expect their indicators to rise (in the first three quarters of 2025, this share was 13%).
According to the study, a deterioration in business sentiment is associated with a decline in real indicators. Thus, 39% of entrepreneurs reported that their income in the fourth quarter of 2025 was lower than it was in the previous quarter. At the end of the year, 29% of participants did not have enough income to cover their direct expenses. In addition, at the end of the year, the share of those who recorded a decrease in demand increased by eight percentage points – 42%.
President of the business association “Opora Rossii” Alexander Kalinin in a conversation with “Vedomosti” noted that no positive trends have been recorded so far – business mood is worsening, and many are postponing investments until better times. According to him, the results of the study generally match the data of Opora Russia. He noted that entrepreneurs are under pressure due to several negative factors: a sharp increase in the financial burden (VAT and cancellation of interest on insurance premiums), a very high key rate, increasing non-payment from counterparties with a simultaneous decrease in demand. Kalinin believes that in order to change the situation, it is necessary for the state to “take steps towards this,” but this is not happening so far.
Surveys conducted by the Chamber of Commerce and Industry also showed that businesses are preparing for a deterioration in the situation, noted the organization’s Vice President Elena Debova. According to her, many entrepreneurs, especially from the regions, no longer want to fight for their business, as they did during the pandemic or at the beginning of the Russian-Ukrainian war.