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Over 3 million businesses could go bankrupt in Russia due to coronavirus

Over 3 million businesses could go bankrupt in Russia due to coronavirus
Photo: freeimages.com

The Chamber of Commerce and Industry (TTP) of Russia warned: if the coronavirus pandemic drags on, then about three million Russian companies will be bankrupt. And for many, the coronavirus will not be recognized as force majeure.

According to the department, every third entrepreneur may not survive the protracted pandemic and all the ongoing economic processes. As he writes RBCAccording to TTP surveys, amid falling demand, businessmen can only hold out until the end of the quarter.

The situation is aggravated by the fact that for many companies, creditors will not be able to recognize the coronavirus as force majeure and freeze loan payments or restructure debts. Such extraordinary conditions will have to be proven in court. The tourism industry is likely to suffer the most. 

Earlier, experts calculated that due to the closure of borders, 20% of Russian travel companies could go bankrupt. At the same time, it has already been decided to recognize the coronavirus in public procurement force majeure circumstances.


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