Russia has warned of a new wave of loan problems due to the fuel crisis
Russia’s Sberbank has reported a deterioration in the financial condition of businesses and warned of the risk of a new wave of corporate loan defaults. One of the main reasons cited is the fuel crisis, which is putting increasing pressure on the country’s economy.
According to Taras Skvortsov, deputy chairman of the bank’s board, there has been an alarming trend in recent months toward a deterioration in the quality of the corporate loan portfolio. An increasing number of companies unable to service their debts on time are requesting loan restructuring, while the volume of non-performing debt continues to grow.
Sberbank notes that the situation is being exacerbated by fuel shortages and high interest rates. The most difficult situation is observed in the coal industry, ferrous metallurgy, and construction, where many companies already lack sufficient profits even to pay interest on their loans.
This is reported by Russian propaganda media.
Sberbankplans to recruit Indian migrants for construction projects in Russia.
As a reminder, the EU is preparing its 21st package of sanctions against Russia: banks and the shadow fleet are in the crosshairs.
Read also: Ukraine has imposed sanctions against individuals and companies that support the Russian military-industrial complex.
The EU has expanded sanctions against Russia for the abduction of Ukrainian children.
The EU is preparing a new package of sanctions against Russia targeting the shadow fleet.
