Russian business has faced new serious problems in recent months. This is a large-scale drop in profits - as much as four times.
Points of attention
- A large-scale drop in the profits of Russian companies by 2.4 trillion rubles is taking place against the background of powerful Western sanctions.
- The coal and metallurgical industry of the Russian Federation became the main targets of the sanctions strike.
- The deterioration of the situation in the economy of the Russian Federation causes problems in the banking system and the growth of negative trends in industry.
Russia is finally feeling the effects of sanctions
According to the results of June 2024, the financial result (profits minus losses) of the economy in general decreased by 4 times in annual terms — to 860 billion rubles. Compared to June last year (3.27 trillion rubles), companies lost more than 2.4 trillion rubles of profits, or almost 27 billion dollars.
It is also worth paying attention to the fact that in May the net income of the economy also decreased significantly — by 3.4 times, or by 2.13 trillion rubles.
Rosstat continues to claim that the problems began due to strong Western sanctions against the Russian coal industry. As you know, it has lost its export markets.
It is reported that according to the results of the first half of the year, coal miners worked in the red: the total loss of the industry amounted to 7.1 billion rubles against a profit of 282.5 billion rubles for the same period last year.
The Russian economy is gradually slowing down
According to analysts, metallurgists also lost a significant part of their profits in six months, who lost the opportunity to sell metal to the West against the backdrop of sanctions.
The profits of oil refineries, which stopped production at least 10 times, fell by 22%. More than 26% of profit was lost by retail companies, and if you exclude car dealerships, the collapse became almost twice as much — by 46.1%.
What is important to understand is that the business of the aggressor country loses profitability as the economy slows down, and the banking system has increasing problems with cross-border payments.
In June, the Russian industry asked for 0.8% compared to June, and in June — for 1.5% compared to May.
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- Economics
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