Russian Corporate Bankruptcies Spike 57-61% in Early 2024 as Sanctions Bite, Reversing Previous Decline

Russia has seen a sharp 57-61% spike in corporate bankruptcies in January and February 2024 compared to 2023
This reverses a steady decline in bankruptcies from 10,306 cases in 2021 to 7,400 in 2023, aided by a bankruptcy moratorium
Experts attribute the rise to refinancing issues and effects of monetary tightening kicking in due to sanctions
Putin plans to tax companies more to fund infrastructure, social support and war effort
Analysts say that despite economic resilience, private sector faces pressure from macroeconomic instabilities as economy nears overheating