Posted 3/8/2024, 5:54:00 AM
Russia Sees Sharp Rise in Bankruptcies as Economic Troubles Mount
- Corporate bankruptcies in Russia rose 57% in January 2023 and 60% in February compared to last year
- Two recent bankruptcy moratoriums in Russia have now expired, leading to uptick
- High interest rates (16%) and macroeconomic instabilities adding pressure on private sector
- On-the-ground economic difficulties contrast with Kremlin's rosy 3.6% GDP growth statistics for 2023
- Situation could worsen due to tighter Western trade restrictions and Putin's pre-election spending promises