In January-November 2025, net losses of Russian coal companies are estimated at 4.5 billion USD. Therefore, losses for the first 11 months of 2025 exceeded 3 times overall losses in 2024, which hit 1.2 billion USD. The share of loss-making companies also increased from 50% to 74% y-o-y.
According to the financial performance indicators of Russian coal companies, their combined losses in 2025 are expected to reach 4.8 billion USD, because in December
RZD (Russian Railways) once again increased its freight tariffs by 10%, the ruble was strengthening, and interest rates were declining at a slow pace. Given the required adjustments for some companies that submitted incorrect profit/loss statistics, the figure may amount to around 4.8 billion USD.
The Russian coal industry has lost almost 30 billion USD since 2022, resulting from sanctions pressure, as well as rail tariff and fiscal measures within the country. The bulk of the losses in amount of 18 billion USD are related to the restrictions imposed on Russian companies, while another 12 billion USD were withdrawn from the industry due to the growth of railway tariff and fiscal burden.
Debt burden by the end of 2025 was expected to amount to 18 billion USD (+0.4 billion USD y-o-y).
Therefore, in 2025, the downward momentum in the coal industry was intensifying amid falling prices in the global market, an increase in production costs and ruble appreciation. Additional factors that continue to negatively affect the financial results of coal producers were high railroad tariffs and limited transportation capacity of railroad infrastructure in eastbound direction. Moreover, Western sanctions significantly reduced the number of countries importing coal, thereby exacerbating the decline in total Russian supplies as there are no alternative sales markets.
Source: CCA
