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NFIA Analytics: Russian business is losing liquidity

... 16% of organizations and private entrepreneurs reduced the wages of their employees, the same number terminated the lease agreements for office space. About 15% of businessmen reported the transfer of staff to remote work. As Kommersant notes, Russian business is currently realizing the true scale of the consequences caused by the events on the territory of Ukraine. The sanctions imposed by the developed world economies are forcing the Russian government to take an increasingly consolidated approach to the use of government support measures for business. According to Elena Dybova, who spoke during the round ...

SMALL AND MEDIUM BUSINESSES IN GERMANY ON THE VERGE OF BANKRUPTCY DUE TO FUEL PRICES

... fare system could lead to bankruptcy of significant number of entrepreneurs. According to the NEOPresse media, gasoline prices have already exceeded € 2 per liter at gas stations in Germany. The cost of gas also doubled. This raises concerns among businessmen who fear corporate bankruptcies. The media quotes the words of Markus Jerger, head of the Federal Association of Medium Businesses (Bundesverband mittelständische Wirtschaft, BVMW). In his opinion, fuel prices have become an existential ...

Special operation in Ukraine may drive Russian tour operators to bankruptcy

... Russia. This opinion is expressed by the experts from Turkey involved in the analysis of the tourism market. They are confident that sanctions against Russian aviation can lead to the collapse of the civil transportation market, including not only business, but also the tourism sector. Many travel agencies associated with the Turkish destination are planning to suspend all business operations in Russia or completely stop them. According to the market participants, this will lead to a significant ...

Zara and Bershka brands may return to Russia

... world reaches 7 thousand. The suspension of the work of stores in both online and offline formats occurred on March 5. The corresponding announcement was made in connection with the conduct of a special military operation by the Russian Federation in Ukraine. Then the management of Inditex explained its decision by the impossibility of guaranteeing the continuity of business operations in the country. At the same time, employees continued to receive wages. On February 24 this year, Vladimir Putin announced the start of a special military operation in response to requests for help from the heads of the Donbass republics....

Did not leave Russia: which foreign companies decided not to leave the market

... this by economic reasons. The Blablacar service did not close its subsidiary in Russia. Storytel streaming service remains in the market as well. The online yoga app Down Dog went even further and temporarily made the subscription free for residents of Ukraine and Russia. The restaurant chain KFC did not want to completely part with the Russians, closing about 70 establishments out of a thousand operating in the country (many operate on a franchise basis). Domino's Pizza also retained 188 restaurants ...

Six-month bankruptcy moratorium will be introduced in Russia

... particular, comparing the idea of introducing a bankruptcy ban now with the moratorium that was introduced during the pandemic. Experts believe that a wave of delayed bankruptcies is inevitable. Moreover, before, the moratorium applied only to those business sectors that were recognized as the most affected by the consequences of the pandemic by the state. Now we are talking about all sectors of the economy without exception. Evgeny Gorbachevsky, director of the federal financial and legal company ...

Will the Western corporations that have left Russia be driven to bankruptcy?

... bankruptcy of companies within 3 to 6 months. Finance Minister Anton Siluanov called such a bankruptcy mechanism accelerated. In an interview with a Russian state television channel, the finance minister said that the country is not interested in foreign business leaving Russia. This path is not beneficial to either side. However, if the company abandons its property and employees, it may be declared bankrupt, and then its property will be put up for auction and transferred to new owners. According to ...

Zelensky announces tax reform in the country

The President of Ukraine made a statement about his intention to carry out tax reform in the country. Volodymyr Zelenskyy noted that the Cabinet ... ... Ministers has already agreed on a package of measures aimed at supporting the national economy. This is done in order to enable businesses to operate where it is permissible for security reasons. The measures to be introduced are the abolition of VAT and ...

Victoria's Secret and Discovery: foreign companies leaving Russian market

... intention to suspend work was announced by Yum! Brands, which operates a chain of KFC restaurants and Pizza Hut pizzerias in Russia. The company has previously announced its intention to transfer profits as humanitarian aid to the victims of the conflict in Ukraine. The brand is also curtailing investment activities in the country. Two old American competitors in the beverage market, The Coca-Cola Company and PepsiCo, this time were in solidarity in the decision to stop their business activities in Russia. The Coca-Cola plant in Siberia has already suspended work. Prior to this, the Novosibirsk enterprise produced about 50 types of products shipped to the Urals, the Far East and the European part of the country. However, Coca-Cola ...

Over 100 global brands leave Russian market

The special operation launched by Russia in Ukraine has led to a mass exodus of foreign companies from the country. The sanctions imposed by the United States, the European Union and other countries against individuals and organizations contributed to the suspension of activities in various sectors ...

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