Losses of Russian coal companies reach 4 bln USD in 2025 YTD
December 2, 2025
Under the Ministry of Coal Industry of Kuzbass, in January-September 2025, coal mining enterprises in Kuzbass produced 140.8 mio t (-7.1 mio t or -4.8% vs. Jan-Sep 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 the 9 months of 2025 shrank to 124.9 mio t (-5.9 mio t or -4.5% vs. 9 months of 2024).
Export supplies from Kuzbass in Jan-Sep 2025 totaled 75.9 mio t (-0.5 mio t or -0.7% vs. Jan-Sep 2024).
Exports from Kuzbass in 2024 slashed to 102.0 mio t (-11.8 mio t or -10.4% y-o-y).
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 amounted to 81 out of 123, or 66%.
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.
Source: CCA Analysis
