Russian courts have announced that 350.8 thousand people in Russia are expected to declare bankruptcy in 2023, based on data from Fedresurs and reported by Interfax. The figures reflect a broader timeline of the country’s bankruptcy activity and underlying financial pressures as recorded by official sources.
During the period when the bankruptcy procedure was active, about 1.1 million Russian citizens were officially declared bankrupt. The program responsible for these cases has been in place since October 2015, marking a long-running framework for debt resolution and legal processes within the federation.
Experts note that the pace of bankruptcy recognitions has continued to slow for the third consecutive year. In 2021, the number of bankruptcies rose by 62 percent year over year, while 2022 saw a 44.2 percent increase. In 2023 the growth rate decreased further to 26.2 percent, indicating a shift in the trajectory of personal insolvencies as the economy adapts to evolving conditions.
In 2023, the vast majority of cases were filed by private individuals, accounting for 96.6 percent of filings. The share of bankruptcy claims initiated by creditors stood at 3.1 percent, with the Federal Tax Service responsible for 0.4 percent of filings, according to the same data sources. These proportions illuminate who typically pursues insolvency proceedings in the current environment.
From April through September 2023, consumer credit costs continued to rise for many households. Personal credit card debt increased by about 20 percent, contributing to a notable uptick in the overall debt burden. On average, debt service consumed roughly 10.9 percent of disposable income. Mortgage lending, by contrast, showed only modest changes or a slight decline in some segments, underscoring the varied impact of consumer finance trends on different loan categories.
The Central Bank has reported a surge in the issuance of card-based loans driven by rising incomes and wages in the first half of the year. In the January–September period, household income grew by 10.7 percent and wages by 15.8 percent. The third quarter alone saw a substantial year-over-year increase in consumer loan applications, rising by about 60 percent, signaling continued demand for financing despite broader economic volatility.
In a separate economic move, authorities have noted steps to address the national budget deficit, including adjustments to the debt profile. The ongoing fiscal policy actions aim to align spending with revenue streams as the economy navigates evolving conditions. The relationship between debt levels, income growth, and consumer credit remains a key focus for policymakers and financial institutions alike.