The Russian Union of Industrialists and Entrepreneurs talked about ways to increase investments by large businesses in the Russian economy

Large businesses account for 75 to 80% of Russia's GDP, so creating opportunities for their development is a prerequisite for the country's economic growth. This was stated by Andrey Melnichenko, a member of the Russian Union of Industrialists and Entrepreneurs Bureau, founder of SUEK, SGK and EuroChem, in his speech at the All-Russian Scientific and Practical Conference Siberian Express—2026 as part of the discussion "Challenges and barriers to advanced development in Siberia: new conditions for solving old problems."

As Melnichenko explained, one of the main obstacles to the growth of investments in the Russian economy today is access to finance and the cost of money. Previously, large Russian companies, especially exporters, attracted a significant part of their borrowings from foreign banks, but since March 2022, businesses have begun transferring the entire amount of debt to the Russian banking system. At the same time, the Bank of Russia considers this process as a risk to the banking system, tightening macroprudential policy measures.

"So, starting from April 1, 2025, the Central Bank introduced a macroprudential surcharge of 20% to the risk factor for the increase in requirements for large companies with a high debt burden. And since December 1, the surcharge has increased to 40%. Large companies that create a base for the Russian economy, including Siberia, belong to this category of borrowers, and because of this, loans are provided to them at increased interest rates. This significantly limits their investment opportunities," Melnichenko said in his speech.

Another problem that needs to be solved, according to Melnichenko, is the need for the most predictable development of fiscal legislation. "In 2024, a tax reform was carried out, which increased the withdrawal of funds from the economy by 2.7 trillion rubles. The business expected to maintain the new parameters of the tax system, but in 2025 taxes increased again with a comparable effect. At the same time, it is important to understand that money goes primarily from large companies, and in fact this indicator should be multiplied by three or four. The profitability of large businesses is declining, and it is precisely this, given the share of industrial companies in the economy, that determines overall economic growth," the businessman explained.

Also, for the growth of investments and business in general, attention should be paid to the development of such an important industry for the economy as energy, Melnichenko added. In recent years, Russia has seen a steady increase in electricity consumption: by 3.4% in 2022, by 2.3% in 2023, and by 4.6% in 2024. In 2026, experts also expect an increase in demand. This process is undoubtedly positive and reflects the growth of the economy, creating needs for the development of energy capacities, both in the expansion of existing ones and in the construction of new ones, said a member of the Bureau of the Russian Union of Industrialists and Entrepreneurs. However, Melnichenko notes, the growth of energy production may paradoxically conflict with environmental legislation.

"Let's take the important and correct Clean Air program in Krasnoyarsk. We fully share its goals: it is necessary to reduce emissions and make the environment for people's lives better. Our energy business has invested heavily — it has built new power units, is modernizing existing ones in Krasnoyarsk, and replaced the production of small boiler houses that make the main contribution to the pollution of the surface layer of the atmosphere. In general, we coped with the task.: Energy emissions have been reduced, and the program's goals have been achieved. As part of the further development of environmental regulation, it is important to maintain a balance between energy requirements and its technological and economic capabilities. This is necessary in order to maintain conditions for the development of the industry, which serves as the basis for the entire economy," Melnichenko explained.

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