en.Wedoany.com Reported - According to preliminary data, in the first quarter of 2026 (January to March), Russian coal companies recorded a net loss of $1.1 billion, an increase of $200 million or 20% year-on-year. The proportion of loss-making enterprises rose from 61% in the same period last year to 63%, with a total of 62 companies continuing to operate at a loss, of which 20 have completely ceased production, while the remaining are on the verge of shutdown.
The continuous deterioration of corporate financial performance is primarily driven by multiple negative factors. In terms of transportation costs, Russian Railways (RZD) raised freight rates by 13.8% in 2025, far exceeding the official inflation rate of 5.6%; in March 2026, an additional 1% surcharge was imposed; and a further 8% increase is planned for January 2027, with potential continued indexation adjustments. Additionally, the strengthening of the ruble and persistently high bank interest rates have placed immense pressure on coal producers and exporters, while also exacerbating corporate debt burdens. By the end of 2025, the industry's total debt reached $18 billion, an increase of $5.1 billion or 40% year-on-year.
The Russian government currently does not intend to extend the deferral of mineral extraction tax (MET) and insurance premium payments beyond April 2026. The Russian Ministry of Energy forecasts that losses for the country's coal enterprises will increase to $7 billion in 2026, 27% higher than in 2025.
In 2026, negative trends in the Russian coal industry continue to intensify amid rising production costs and ruble appreciation. High railway freight rates and limited railway infrastructure capacity in the eastern regions continue to weigh on corporate financial performance. Due to Western sanctions, the list of countries available for Russian coal exports remains limited.
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