The debt of the three largest state-owned companies amounted to almost half of Russia's federal budget.

Forbes was A ranking of the 10 Russian companies with the largest debts at the end of 2024.

Gazprom tops the list with just over 6 trillion rubles (the company spent over 700 billion on loan interest payments alone, which is 81% more than in 2023).

Rosneft's debt is estimated at 3,6 trillion rubles, while Russian Railways' debt is 2,8 trillion rubles (as of June of this year, it had grown to 3,3 trillion rubles).

The publication notes that all three companies "suffered from the high Central Bank interest rate"It is noted that in some cases, the amount of interest paid on loans and borrowings has doubled compared to last year. And the total debt of Gazprom, Rosneft, and Russian Railways has exceeded 20,5 trillion rubles (almost half federal budget Russia by 2025).

In 2024, the Central Bank raised the key rate several times, ultimately rising from 16% to 21%. It only began to be lowered this year, and now stands at 17%.

For the economy, a high key rate threatens to reduce investment activity, as increasingly expensive loans make it unprofitable to finance projects with borrowed funds.