According to intelligence data, more than half of Russian companies — 53% — reported cash flow shortages in 2026. The oil and gas and raw materials sectors, wholesale and retail trade, and heavy industry have been hit hardest by the crisis.
Gazprom, once a symbol of the Kremlin's financial power, is set to leave shareholders without dividends for a second consecutive year. According to Ukraine's Foreign Intelligence Service, Gazprom last paid dividends for the first half of 2022. Rusal and Alrosa, key players in the aluminum and diamond industries, have also suspended payouts. Rusal has not paid dividends since the first half of 2022 and does not plan to do so for the first quarter of 2026.
“Dividends have become a luxury that most companies can no longer afford,” the Foreign Intelligence Service said.
The agency cited similar trends in other sectors. Russia's largest steelmakers, NLMK and MMK, have advised shareholders not to expect payouts for 2025. NLMK last paid dividends based on its 2023 results.
Construction company Volga-Avtodor posted one of the worst performances, with revenue plunging 96% and creditor debt reaching 3 billion rubles — five times the company's annual revenue.
Meanwhile, VK Holding, formerly Mail.ru Group and headed by Vladimir Kiriyenko, the son of Kremlin official Sergei Kiriyenko, did not disclose profit and loss figures in its quarterly financial presentation. The intelligence agency said this likely indicates that VK once again posted a net loss.
Ukraine's Defense Forces have also contributed to pressure on Russia's oil sector. On May 29, Ukraine's General Staff confirmed strikes on the Volgograd oil refinery and the Yaroslavl oil pumping station in Russia.
A day earlier, on May 28, the General Staff confirmed a strike on the Tuapse oil refinery in Russia's Krasnodar Krai. One of the largest refineries in southern Russia, the facility has been targeted for the fifth time this spring.