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Russian economic meltdown as 7,000 companies face bankruptcy

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Russian businesses are struggling to make ends meet and are fighting for their existence, as the economic crisis intensifies.

Russia's economic crisis is intensifying with thousands of companies reportedly facing bankruptcy. Businesses have been hit by a double whammy of sanctions and high interest rates, since the outbreak of the full-scale war in February 2022.

 

The key interest rate rose to a staggering 21% last autumn, the highest it had been since the early 2000s. The Central Bank was forced to hike the rate due to spiralling inflation, but has since cut it back down to 16.5%. Nevertheless, Russian businesses are struggling to make ends meet, and are fighting for their existence.

 

https://www.express.co.uk/news/world/2133711/russia-economy-transport-companies-bankruptcy/amp
 

 

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