News Feed

Putin orders 'emergency support' for struggling Russian coal industry

2 min read
Putin orders 'emergency support' for struggling Russian coal industry
Russian President Vladimir Putin attends a meeting at the Kremlin in Moscow, Russia, on May 23, 2023. (Oleksii Filippov/SPUTNIK/AFP via Getty Images)

Russian President Vladimir Putin has called for urgent measures to support the country’s coal companies, which face multibillion-dollar losses and risk mass bankruptcies, The Moscow Times reported on Dec. 12.

Russia’s coal industry has been severely impacted by the loss of Western markets and declining demand in "friendly" nations. Coal companies reported a combined loss of 91 billion rubles ($873 million) in the first nine months of 2024.

Russia's Energy Minister Sergey Tsivilev announced that a package of assistance for coal miners would be developed "as soon as possible."

Tsivilev also highlighted the need for a socio-economic development program for Kuzbass, Russia's key coal-producing region, which accounts for 60% of the country's hard coal and 80% of its coking coal output.

Russia’s coal exports fell by 11.4% to 112.6 million metric tons from January to July, while shipments to China — its main coal customer after Western sanctions — dropped by 8% in the first half of 2024.

Meanwhile, the Biden administration is considering new, harsher oil sanctions against Russia ahead of U.S. President-elect Donald Trump’s inauguration. Oil revenues remain a critical funding source for Russia's war effort in Ukraine.

Russia’s economic challenges extend beyond coal and oil. Sanctions have also disrupted operations at the Ozernoye zinc mine, leaving the company unable to replace key equipment. This is expected to impact global zinc supply forecasts for 2025.

Massive fire engulfs warehouse in Russia’s Novosibirsk
A massive fire engulfed a warehouse in Russia’s Novosibirsk overnight on Dec. 13, covering 5,000 square meters, Russian media reported.
Article image
Avatar
Tim Zadorozhnyy

News Editor

Tim Zadorozhnyy is a news editor at The Kyiv Independent. Based in Warsaw, he is pursuing studies in International Relations, focusing on European Studies. Tim began his career at a local television channel in Odesa. After moving to Warsaw, he joined the Belarusian opposition media outlet NEXTA, starting as a news anchor and later advancing to the position of managing editor.

Read more
News Feed
 (Updated:  )

"There will be no oil, (Indian Prime Minister Narendra Modi is) not buying his oil from Russia, it started — you know, you can't do it immediately, it’s a little bit of a process, but the process is going to be over with soon," U.S. President Donald Trump said.

The decision to rename Fairy Tale Square was made “in order to honor prominent political leaders of modern times, as well as to draw international attention to the reconstruction of the hero city of Chernihiv," according to the explanatory note.

Show More