Court Orders Innopolis Tech to Pay 30 Million Rubles in Debt as Revenue Crashes 20-Fold

Court Judgment and Financial Crisis

In early October 2026, the Arbitration Court of the Republic of Tatarstan ordered mining company Innopolis Tech to pay $350,000 (roughly 30 million rubles at the Central Bank of Russia's exchange rate on the payment date) to entrepreneur Alexander Churkin. Beyond the principal amount, the company must also pay interest and cover court fees.

The ruling followed the company's failure to repay a loan. The agreement, worth 300 million rubles at 2.5% monthly interest, was signed in January 2024 and pegged to the dollar — repayment was to be made in rubles at the Central Bank's exchange rate on the date of payment.

Repayment was originally planned within a year, but the agreement was extended twice. In January 2026, the parties agreed on a new schedule to repay the remaining debt of $2.84 million: three initial installments of $700,000 each due by May 1, August 1, and November 1, 2026, with a final payment due by February 1, 2027. However, the company breached its obligations and ignored a formal demand. Churkin filed suit, and the court ruled in his favor.

A Sharp Revenue Collapse

Innopolis Tech's financial situation deteriorated sharply in 2025. Revenue fell 20-fold — from 3.37 billion rubles in 2024 to 170.3 million rubles in 2025. Meanwhile, net profit paradoxically rose to 887.4 million rubles (up from 294.2 million in 2024), pointing to a shift in the structure of the company's income.

Other income rose to 3.97 billion rubles (up from 1.91 billion), while interest payable reached 1.88 billion, a 56.6% increase. Other expenses fell to 794.3 million from 2.28 billion.

According to the balance sheet, total assets at the end of 2025 are estimated at 14.36 billion rubles. Intangible, financial, and other non-current assets grew nearly 13-fold to 10.61 billion. Tangible non-current assets fell 54.8% to 1.25 billion. Cash totaled just 139,000 rubles, while financial and other current assets stood at 797.2 million.

On the liabilities side, long-term borrowings grew 74.1% to 8.66 billion. Equity and reserves fell 47.7% to 1.71 billion. Short-term borrowings declined 31.5% to 2.39 billion, while accounts payable rose 69.7% to 846.7 million. Other long-term liabilities surged 21.6-fold to 752.7 million.

Leadership Changes and Strategic Acquisitions

On September 28, 2026, Vladimir Lysenko took over as CEO of JSC Innopolis Tech, replacing Nikolai Nikiforov, Russia's former Minister of Communications, who now faces charges of large-scale fraud.

In 2025, the company acquired the Dorogobuzh thermal power plant in the Smolensk region (previously owned by Smolenskregionteploenergo) to expand its cryptocurrency mining operations. Founded in 2021 in Innopolis, Tatarstan, the company by April 2025 was processing roughly every 2,000th transaction on the global cryptocurrency network. According to Nikiforov, the company has paid over 200 million rubles in taxes and fees to government budgets.