According to the financial performance indicators of Russian coal companies, their combined losses in 2025 may reach 3.8-5.0 billion USD if the ruble exchange rate and interest rates remain unchanged.
Given the required adjustments for some companies that submitted incorrect profit/loss statistics, the figure may exceed 5 billion USD.
The crisis in the Russian coal industry is gaining momentum. In January-April 2025, losses already amounted to more than 1.4 billion USD, which is equivalent to the value for the whole of 2024 at 1.41 billion USD.
One of the key challenges that affects the coal industry is the high level of debt. Currently, the volume of loans issued amounts to 15 billion USD and may spike to 17.5-18.8 billion USD by the end of 2025.
Furthermore, in view of cost reduction by coal mining companies and restrictions on available financing, investment in the industry continues to decline. Coal companies are forced to cut their investment plans not only in terms of development, but also relating to maintaining current production levels and industrial safety projects.
The number of loss-making enterprises in January-April 2025 was 81 out of 123, or 66%. Eighteen coal extraction units have already suspended production.
Source: CCA Analysis
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