Russia could face a wave of corporate bankruptcies this year as the share of enterprises with risky levels of debt in total corporate revenue doubled in 2024, a leading think tank advising the government said in a research note.

Russia’s economy is facing a potential surge in corporate bankruptcies, the Vedomosti business daily reported Monday, citing experts from a government-aligned think tank. The Central Bank’s decision to raise its benchmark interest rate to 21% — its highest level since the invasion of Ukraine — in October 2024 has driven up business debt burdens.