Russia has seen a sharp spike in corporate bankruptcies, according to a report that comes as Vladimir Putin looks to tax companies more to pay for his social program and the sanctions-hit economy continues to face turbulence.
The business newspaper Kommersant reported that in the first two months of 2024, corporate bankruptcies had increased by more than a half compared with the same period last yearand experts predicted an increase in insolvencies in future.
Bartosz Sawicki, market analyst at Conotoxia Fintech, told Newsweek Russian firms are facing refinancing issues “as the effects of monetary tightening are starting to kick in.”
Kommersant said that in January and February this year, 571 and 771 companies respectively, were declared …
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