off-the-wire

Russia's corporate profits dropped 21.3% in Jan, business climate worsened

Kitco Media
By Reuters
Published:
Updated:
Reuters



*


This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine


MOSCOW, March 29 (Reuters) - Russian companies made profits of 2.34 trillion roubles ($30.25 billion) in January, data from the federal statistics service showed on Wednesday, down 21.3% from the same period last year, while the business climate deteriorated.


Moscow's decision to send tens of thousands of troops into Ukraine on Feb. 24, 2022, resulted in sanctions against dozens of large companies and entire sectors of Russia's economy, particularly the financial and energy sectors.


Officials have flagged the drop in corporate profits as a key area of concern for the economy, which contracted by 2.1% last year, and is set for another decline in 2023, according to most estimates.


($1 = 77.3455 roubles) (Reporting by Darya Korsunskaya and Alexander Marrow Editing by Mark Potter)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.