Losses of Russian coal companies reach 4 bln USD in 2025 YTD
December 2, 2025
Kuzbass coal production declined 3.7% year-on-year in January–October 2025 as weak market conditions, logistics constraints and low margins pressured output. Several mining areas reported sharper reductions, signalling continued supply-side tightening heading into winter.
Under the Ministry of Coal Industry of Kuzbass, in January-October 2025, coal mining enterprises in Kuzbass produced 157.6 mio t (-6.1 mio t or -3.7% vs. Jan-Oct 2024).
In 2024, coal production in Kuzbass dropped to 198.4 mio t (-15.8 mio tons or -7.3% vs. 2023).
The total shipment of coal in Kuzbass by rail for 10 months of 2025 shrank to 140.1 mio t (-3.6 mio t or -2.5% vs. 10 months of 2024).
Export supplies from Kuzbass in Jan-Oct 2025 totaled 85.2 mio t (+1.3 mio t or +1.5% vs. Jan-Oct 2024).
The fall in global prices, coupled with a rise in production costs and logistics expenses, resulted in increased losses.
The number of loss-making enterprises in Russian coal industry reached 67%.
According to the Energy Ministry, 23 Russian coal companies had closed by September. Another 53 are under threat of shutdown.
The crisis in the coal industry, on the back of sanctions, high railway tariffs, rising costs and logistical constraints, will further adversely affect the production and supplies of high-quality Russian coal to the global market in 2025 and Q1 2026.
Source: CCA Analysis
