Russian economy meltdown with 'transport companies facing bankruptcy'
Freight carriers are now operating at a loss following an 11% increase in costs, a weakened ruble, and increased loan payments as interest rates hit 21%.
The Russian economy faces fresh hell as transport companies "teeter on the brink of bankruptcy" as sky-high fees send yet another industry to the breaking point.
Kyrylo Shevchenko, financier and former chief of the National Bank of Ukraine, warned that companies face shocking increases in leasing and recycling fees.
He wrote on X: "One in three Russian transport companies teeter on the brink of bankruptcy. Skyrocketing costs — leasing fees up 28%, recycling fees soaring 80% — are crushing the industry.
"Desperate execs are now begging PM Mishustin — the Kremlin’s loyal technocrat — for a bailout. But with shrinking cargo volumes and falling tariffs, even Kremlin handouts won’t fix an industry built for one-way logistics — war."
Previous reports estimated that over 30 Russian airlines may go bankrupt due to the economic sanctions imposed on the country this year.
The first half of 2024 saw these airlines operating at a total loss of 8.6 billion rubles (£76 million). This is due to massive debts accumulated by leasing foreign aircraft, which will now be written off subject to a 25% income tax.
The National Welfare Fund set up money to be used to buy back leased aircraft, however only three major airlines were able to do this: Aeroflot, Ural Airlines, and S7 Airlines.
Trucking companies face a similar fate, with nearly 30% at risk of bankruptcy this year, according to the Moscow Times.
Freight carriers are now operating at a loss following an 11% increase in costs, a weakened ruble, and increased loan payments as interest rates hit 21%.
Falling demand also forced freight companies to slash tariffs by 12% in 2024 compared with 2023.
Transport companies aren't the only ones facing financial ruin, as 800 shopping malls also face bankruptcy due to tax hikes and rising loan costs.
The Center for Macroeconomic Analysis and Short-Term Forecasting (CMASF) released a report highlighting the struggle many Russian companies face in repaying their debts.
It warned: "The combination of these factors creates significant refinancing difficulties for borrowers with high debt burdens. In the near future, this could lead to a wave of defaults and cross-defaults."
According to Rosselkhozbank, Russian companies are expected to repay a record 7.5 trillion rubles (£66 billion) in bonds in 2025.
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