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Russia weighs how to prop up Russian Railways which is $51 billion in debt: Reuters
The Russian government is exploring options including debt-to-equity swaps and subsidy increases to manage Russian Railways’ $50.8 billion debt, with revenues falling amid economic slowdown.
- In late November, Russian officials met to discuss propping up Russian Railways, which built a 4 trillion rouble debt, and plan to meet again in December to weigh options.
- State-Owned Russian Railways reported strained finances, with net debt of 3.3 trillion roubles as of June 30, amid falling revenues and highest interest rates in two decades.
- Proposals include raising cargo tariffs and increasing subsidies, deploying National Wealth Fund money, capping interest at 9% and converting 400 billion roubles of debt into shares.
- Raising cargo prices would hit exporters of bulk commodities and Russian Railways’ about 700,000 employees, risking significant economic and employment impacts.
- Seen as a bellwether for the war economy, Russia's state-dominated war economy faces strains with growth expected at around 1% next year, leaving the state on the hook through state-owned banks.
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Russia Weighs How to Prop up Russian Railways Which Is $51 Billion in Debt, Sources Say
Russia's government is discussing different ways to prop up Russian Railways, the country's biggest commercial employer, which has built up a 4 trillion rouble ($50.8 billion) debt pile, two people with knowledge of the matter told Reuters.
·United Kingdom
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The unconventional life of late railway writer Ian Marchant
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Total News Sources6
Leaning Left2Leaning Right0Center3Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 40%
C 60%
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