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MOSCOW – Russia’s business environment showed tentative signs of stabilization in November 2025. According to the latest survey from the Russian Union of Industrialists and Entrepreneurs (RSPP), the key Composite Business Climate Index halted its decline, returning to its September level of 46.6 points. This apparent stabilization, however, conceals a more complex reality, where encouraging signals from core business operations are offset by enduring constraints in logistics and a cautious investment climate.
Improving Market Conditions and Pricing
The performance of the product market index rose by 1.8 points to 47.4. This was underpinned by a significant rebound in the B2B Index, which jumped 4.4 points to 48.7 after recently hitting a three-year low. Both demand within industries and for companies' own products saw positive shifts, with the latter nearing the 50-point threshold that separates contraction from expansion.
Pricing dynamics also improved. While purchase prices increased, the number of respondents reporting price hikes actually fell by 6%. More significantly, the sales price index entered positive territory, climbing to 52.7 points, suggesting companies are finding slightly more room to pass on costs.
Strengthening Contracts and Orders
Business reliability saw a marked improvement. The index for companies fulfilling their obligations surged 5.6 points to 51.6, re-entering positive assessment territory. Reports of growing unmet obligations halved, and a similar positive trend was noted for counterparties' reliability. This renewed confidence was reflected in new orders. The new orders index broke a two-month negative streak, leaping 6 points to a positive 54.3, driven by a 7.5% increase in companies reporting more orders.
Logistics and Competition: Emerging Pressure Points
However, not all signals were positive. The Logistics Index continued its gradual decline to 46.1 points. For the first time in two years, the assessment of warehouse inventory levels fell into negative (47.6 points), with fewer companies reporting improvements. This was partly offset by a slight improvement in overall logistics sentiment and delivery times. Furthermore, the competitive landscape intensified, with the level of competition index falling 2.1 points to 59.3.
Financial Sector and External Relations
The financial markets index showed a solid recovery, gaining 4.1 points to 46.5. Assessments of companies' own financial positions improved noticeably; the share of firms reporting a deterioration fell from over a quarter to a fifth, pulling the index up to 43.1 points. The stock market index also saw a sharp rebound of 6.6 points, as the number of negative assessments plummeted.
While the overall appraisal of relations with foreign partners remains marginally in negative territory, it improved significantly as the proportion of negative assessments fell by half.
Social and Investment Activity: A Mixed Picture
The social and investment sphere presented a contrasting view. On one hand, the proportion of companies running investment programs fell by 5.3 percentage points to 57.4%. However, among those investing, three-quarters reported sticking to their original schedules and budgets, and far fewer companies were forced to cut investment volumes.
Hiring remained robust, with 77.7% of companies recruiting, returning to September's levels. Social programs for employees were widespread (85.1% of companies), with the most common forms being extra-contractual payments, sanatorium vouchers, and private health insurance. For most companies (80.5%), social spending budgets remained unchanged.
To summarize, the Russian business landscape in November 2025 was characterized by a tentative recovery, driven by improved demand and operational reliability. Nonetheless, this progress remains vulnerable to enduring headwinds, most notably in the logistics sector, a highly competitive market, and a discernible pullback in corporate investment.