A joint survey by the FOM polling group and the Higher School of Economics in Russia

According to a study by the Public Opinion Foundation and the Higher School of Economics (HSE), “Small Business Longitudinal Study,” reviewed by Vedomosti, approximately 31% of entrepreneurs in Russia are considering closing or selling their businesses. This figure represents an 8 percentage point increase compared to the first quarter of last year.

The survey has been conducted since 2021 among the same group of respondents—more than 700 sole proprietors and small business owners. The most recent wave of interviews took place from January 20 to February 19, 2026.

According to the study, entrepreneurs’ expectations for the first quarter of 2026 are the worst ever recorded. More than half of respondents (52%) believe their business’s situation will worsen, while only 12% expect an improvement.

For comparison, in the first quarter of 2022, against the backdrop of the widespread introduction of anti-Russian sanctions, the share of pessimistic assessments was 38%, while optimistic ones were at least 20%.

At the same time, the share of companies operating in survival mode is growing. At the end of the fourth quarter of last year, it reached 39%, the highest level in the last five years. However, only 8% of entrepreneurs expect an increase in these indicators.

Small businesses’ financial performance is also deteriorating. Thirty-nine percent of respondents reported a decrease in revenue compared to the previous quarter, and 29% reported insufficient revenue to cover direct expenses.