The state of the investment climate depends not only on the key rate, but also on state support tools, including tax incentives, budget subsidies and co-investment
Russian companies have publicly announced a reduction in investment plans for 2025 by 733 billion rubles. compared to 2024 This is the assessment of experts from the Institute of Growth Economics. Stolypin is included in the report "Investments in Russia: recent trends". Experts cite high key interest rates, rising borrowing costs, falling demand, staff shortages, high inflation, and changing strategies as reasons for the decline in investment.
As examples, economists cite the reports of public companies and statements by top management about reducing capital investments. Among them, for example, Russian Railways, Gazprom, Norilsk Nickel, MTS, T-plus, Cherkizovo, Rusal, Severstal. The investment program of Russian Railways for 2025 was approved in the amount of 890.9 billion rubles. compared to almost 1.3 trillion rubles for 2024, Gazprom has planned to reduce the investment program from 1.64 trillion to 1.52 trillion rubles. Norilsk Nickel has planned to reduce investments this year to 215 billion rubles after 283 billion rubles in 2024.
