Russia's largest technology companies sharply increased their borrowing in 2025, with combined debt rising 53% year-on-year to 2 trillion rubles ($27.2 billion), according to a Central Bank report that warned of growing leverage among the country's digital giants.
The Central Bank said in its latest Financial Stability Review that the combined assets of major technology firms grew 48% to 4.6 trillion rubles ($62.6 billion), a slower pace than debt growth, prompting the regulator to call for closer monitoring of the sector's financial health.
The debt buildup reflects a broader trend across the global technology industry, where companies are spending heavily to expand digital infrastructure and artificial intelligence capabilities.
U.S. tech giants like Amazon, Meta, Microsoft and Alphabet are spending hundreds of billions of dollars to build out new AI data centers and computing capacity.
While Russia's Central Bank did not identify the drivers of borrowing by domestic technology firms, many of the country's largest platforms have also been investing in cloud computing, AI services and digital infrastructure.
