Debt time: corporations do not pay suppliers from SMEs for 6-9 months.

Large companies, including state—owned structures, are increasingly delaying settlements with suppliers from small and medium-sized businesses - delays reach up to six months or more, business associations told Izvestia. The main reason is profitable deposits: the yield on them is higher than the possible penalties for delay. But it may also be due to a shortage of working capital due to a decrease in revenue. This creates serious risks for SMEs: in conditions of expensive loans, non-payments lead to a reduction in production and staff and can lead to bankruptcy. In which industries deadlines are most often disrupted and how small players can protect themselves, see the Izvestia article.

Who is delaying payment to small contractors

Large companies are increasingly postponing settlements with counterparties from small and medium—sized enterprises - delays reach six to nine months, Pavel Samiev, chairman of the Opora Russia Committee on financial markets and CEO of the Businessdrom analytical center, told Izvestia. This trend was also confirmed by the SME Corporation.

Business associations note that delays in payments often occur on the part of state corporations. But in most cases, the delay is not allowed by the parent company, but by its subsidiaries. They act as customers for contractors and work directly with performers. Opora Russia explained that the main customer finances the entire project, and then the work is distributed along the chain among smaller companies. As a result, they receive payment only after the completion of the entire project, even if they have done their part in advance, and that is why there are large delays.

— Post-payment is increasingly being introduced instead of prepayment. The contract is often concluded at the end of the project, when the work is completed, and then several more months pass before the actual payment. Indeed, large companies, including first—tier state corporations and the largest banks with state participation, often commit this sin," said economist Andrei Barkhota.

Izvestia was asked by the largest state corporations and banks with state participation. VTB reported that the bank's purchases are regulated by law, which provides for payment no later than seven business days. The bank stressed that this requirement is strictly observed, and SMEs receive money on time. The Russian Railways press service also said that the company strictly complies with all requirements. For the remaining contracts, the terms are determined by the terms of the contracts, and fines are provided for their violation, they added.

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The practice of delays is typical for a number of industries — construction, oil and gas and retail, said Daniil Gonenko, associate Professor of Economics and Finance of the Public Sector at the Presidential Academy. Delays are especially common on the part of large developers and federal retail chains, but not only.

For example, in August, the court satisfied the claim of St. Petersburg Engineering Center Energia LLC against Velikoluksky Meat Processing Plant JSC and collected 148 million rubles of debt, Delovoy Peterburg wrote. According to the case file, the contractor delayed payment for several months, despite the fact that the contract provided for serious penalties. In the same month, the architectural bureau Gradproekt obtained through the court the recovery of 2.2 million rubles of debt from the Lenfilm film studio.

Why large businesses are increasingly delaying payments to counterparties

The situation with delays has worsened against the background of an increase in the key rate, Opora Russia noted. Since July 2024, it has been raised from 16% to 21% — it has been at this level for about six months. The current rate is 18%.

The fact is that large companies prefer to keep their free funds on deposits, Pavel Samiev explained. There, they effortlessly earn returns of up to 15-20% per annum. This covers the possible costs of collecting penalties for delay. After all, not everyone will decide to sue a large customer, especially given the increased state duties. In addition, courts often reduce the amount of the penalty, so a delay in payment may be more profitable than a timely payment.

Since December 2024, customers under 41 contracts have fully or partially repaid debts in the amount of 470 million rubles. Cases of administrative offenses were initiated on 32 appeals, said Alexander Isaevich, CEO of SME Corporation.

Other reasons for delays are a shortage of working capital due to lower revenue, an increase in debt burden, supply disruptions and administrative delays for government customers, said Vladimir Chernov, analyst at Freedom Finance Global.

— The desire of corporations to shift cash gaps to contractors and weak competition in markets where SMEs depend on one or two large customers also played a role. Additional factors are the protracted coordination within the holdings, as well as the established practice of perceiving postponement as the norm of work," said Daniil Gonenko from the Presidential Academy.

What is the risk of delayed payment for small businesses?

For small and medium—sized businesses, the delay in payment is a blow to working capital, Daniil Gonenko explained. Unlike corporations, which have financial reserves and access to loans, SMEs operate on short money cycles. Delays of six to nine months actually freeze resources: companies are forced to either borrow at high rates or reduce production and staff. According to the expert, this increases the risk of bankruptcies, disruption of supplies and business withdrawal to the shadow sector.

As a result, this may lead to an increase in systemic risks in the real sector and pressure on banks through an increase in problem loans, warns Vladimir Chernov from Freedom Finance Global.

— With high interest rates, weak demand and an increasing debt burden, delays may continue. The year 2025 shows an increase in interest payments and pressure on liquidity, therefore, without measures to support SMEs and adjust payment discipline, the risk of new delays remains high. At the same time, the Central Bank began to reduce the rate, which should gradually ease the problem, the expert believes.

Higher prepayment requirements, regular monitoring of settlements and tougher sanctions for systematic violations of deadlines could reduce delays, Anastasia Melnikova, senior lecturer at the Department of Entrepreneurship and Logistics at Plekhanov Russian University of Economics, is convinced.

Fines and penalties are currently provided for failure to meet payment deadlines, as well as the possibility of collecting damages in excess of the penalty, the Ministry of Energy reminded Izvestia. They added: for companies with state participation, late payments may qualify as a violation of procurement legislation, which threatens administrative liability and publication of information about unfair behavior on official portals.

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Strict contractual terms with automatic fines and accelerated pre-trial recovery could reduce the scale of delays, Vladimir Chernov believes. Government support and subsidized factoring programs are important for SMEs, allowing them to quickly turn accounts receivable into money. Industry clearing centers, public reporting of large companies on payment deadlines, and simplification of court procedures can also be an effective solution. Foreign experience shows that the greatest effect is provided by a combination of factoring (resale of debts to a bank), strict contractual norms and an active role of the state, the expert emphasized.

"Among the possible measures are the development of digital registers of obligations based on smart contracts that automatically record deadlines and impose fines, and the creation of a public rating of payment discipline for large companies to encourage them to monitor their reputation,— Daniil Gonenko added.

At the same time, steps are already being taken to solve the problem. The SME Corporation reported that now small and medium-sized companies do not need to go to court on their own: by filing a complaint through Service 360, they can transfer this work to an organization that transmits all documents to the FAS and ensures that the customer is held accountable.