The Russian coal industry is experiencing its deepest crisis since the 1990s. According to the Ministry of Energy, the sector is facing unprecedented losses that could reach 576 billion rubles in 2026. The situation is aggravated by the fact that the government does not intend to extend tax benefits, which are set to expire on April 30.
Scale of the Catastrophe in Figures:
- Mass Closures: 62 enterprises are currently in the “red zone.” Of these, 20 have already ceased operations, and 14 are in the process of liquidation or mothballing.
- Record Losses: The industry’s net loss last year amounted to 408 billion rubles. In 2026, this figure is projected to grow by another 41%.
- Negative Profitability: Every ton of coal mined today brings companies an average loss of 1,000 rubles.
- Plummeting Exports to China: China has been reducing its imports for the third consecutive year. In early 2026, deliveries fell by another 15% (to 10.8 million tons in two months).
Analytical Summary:
Russia’s coal industry has found itself in a “perfect storm,” where external sanctions pressure has coincided with internal structural problems and a tight monetary policy.
Collapse of the Eastern Pivot: Hopes that China would become an eternal and bottomless consumer of Russian coal have not materialized. Beijing is systematically reducing imports, prioritizing its own production and cheaper suppliers from Southeast Asia. For the RF, this means the loss of its last major market following the closure of Europe.
Financial Strangulation: The combination of exorbitant interest rates (making debt servicing difficult) and the cancellation of tax holidays from May 2026 will be a death sentence for many companies. The government is effectively signaling that it will no longer rescue coal miners at the budget’s expense.
Social Time Bomb: Coal is not just a raw material; it represents 30 single-industry towns and 150,000 jobs. The liquidation of 60 companies is not merely the bankruptcy of legal entities, but a risk of creating depressed zones and social unrest in Kuzbass and other mining regions. The industry has entered a phase of “forced dieting,” which will end in total disappearance for one in every three enterprises.