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Russia’s coal industry losses exceed $3.7 bln since year’s start — Deputy Energy Minister

The ministry estimates that the sector's debt burden will increase by $19 bln by the end of the year

MOSCOW, December 11. /TASS/. Russia’s coal industry losses have exceeded 300 billion rubles ($3.7 bln) since the beginning of 2025, Deputy Energy Minister Dmitry Islamov stated in a speech in the State Duma, the lower house of parliament.

"The coal industry is the only major loss-making industry at present. Last year, losses amounted to minus 112 billion rubles ($1.4 bln). As of today, before the year is over, they already exceed 300 billion rubles," he said.

The ministry estimates that the sector's debt burden will increase by 1.5 trillion rubles ($19 bln) by the end of the year.

In late November, Dmitry Lopatin, acting director of the Ministry of Energy's coal industry department, stated that losses in the Russian coal sector could reach 350 billion rubles ($4.4 bln) by the end of the year. According to the ministry, 74% of companies in the industry are unprofitable.

In an interview with TASS, Islamov stated that in 2024, the coal industry became the only major unprofitable sector in Russia. Losses amounted to 112 billion rubles, accounts payable amounted to 1.2 trillion rubles ($15 bln) and the share of unprofitable enterprises was 53%.

On May 30, the Russian government supported a deferment of mineral extraction tax and insurance premiums until December 1 for all coal companies. This period may be extended for a longer period. The authorities are also discussing targeted subsidies to coal companies to offset part of the logistics costs of long-distance coal exports.

Another decision concerns the provision of compensation of 12.8% of the coal export tariff to Siberian coal companies in the northwestern and southern directions. In addition, it was deemed appropriate to give enterprises in the Russian coal industry, which are experiencing a serious debt burden, the opportunity to restructure their credit debt. The authorities should approve plans for the financial recovery of enterprises in the industry, including those providing for assistance to direct beneficiaries (shareholders), as well as restrictions on dividend payments, increased salaries for senior management, and cost optimization.

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