Western sanctions hit Russian companies hard, cutting them off from sales markets and channels for buying equipment. As a result, the overdue debt in the budgets jumped to the highest of all.
In 2024, Russian companies will face major financial problems due to sanctions, as a result of which they will not have funds to pay taxes to the budget. The Moscow Times reported this on Thursday, September 19, citing Rosstat statistics.
It was noted that in the first half of the year, the amount of overdue debt of organizations to the budgets of all levels jumped 3.3 times and by the end of June reached 176.2 billion rubles – a record level for the entire time of available statistics.
Non-payment of taxes began in April, when the amount of overdue debt increased from 43.8 to 152.9 billion rubles. In May it increased by another 13.4 billion, to 166.3 billion, and in June it added another 10 billion rubles.
At the same time, the main tax debtors are resource companies, mainly oil and gas companies, as follows from the statistics: the mineral extraction sector at the end of June accounted for three quarters of total tax debt – 137.2 billion rubles, of which 132 billion were owed by oil companies. gas.
The second largest debtor is the manufacturing industry (8.9 billion rubles). The construction industry lagged behind slightly (7.5 billion rubles).
The publication notes that tax problems for businesses are growing because revenues that have to be paid to the budget are rapidly decreasing, and banks are massively blocking cross-border payments. In June, the balanced financial result for the economy (profits minus losses) decreased 4 times in annual terms – to 860 billion rubles. The coal industry became unprofitable (minus 7.1 billion rubles). Metallurgists lost 9% of their income in six months, oil refineries’ income fell 22%, and retail companies lost more than 26% of their net income.
Commodity exporters in general have started to experience cash shortages, a source at a major Russian bank told Reuters in early September. According to him, exporters took yuan loans from Russia to sell currency in the exchange, including paying taxes. But “real income is down because of the current complicated payment chains – there’s nothing to give to the banks,” the banker complained.
Tightening Western sanctions are causing more and more headaches for companies that find themselves cut off from sales markets and channels for purchasing equipment. Only 2% of top managers of large enterprises did not notice the consequences of sanctions on their work, a survey by the Center for Sustainable Development of the Skolkovo School of Management and the consulting company Trust Technologies showed.
Only 7% of respondents from 102 large companies from 17 industries reported the benefits of sanctions. At the same time, 66% complained about the negative effects of events in previous years, with 22% rating them as very high.
Earlier it was reported that the regions of the Russian Federation experienced the biggest economic slowdown in two years.
The collapse of the oil and gas economy is predicted in the Russian Federation
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.