Russian state railway RZD has significantly reduced its 2026 investment programme. The budget for 2026 is now around EUR 7.9 billion (RUB 713.6 billion), almost half the EUR 13 billion allocated for 2024. Compared to 2025, the budget has decreased by 20%. The focus is now on ongoing maintenance and safety measures. The reasons given for the reduction include declining profits in 2025, rising debt, and the central bank's restrictive monetary policy. Net debt is estimated at nearly EUR 31 billion, and in December 2025, RZD requested emergency government assistance to cover a liquidity shortfall of around EUR 2.2 billion. The government has considered various support options, including higher freight tariffs, adjustments to tax payments, and assistance from the National Welfare Fund. Furthermore, the conversion of EUR 4.4 billion in debt into shares was considered, however, according to local media, this was rejected following objections from the central bank. As another crisis option, the sale of the subsidiary Federal Freight Company (FGC), with its fleet of 134,300 vehicles, has been proposed.