Russia Reports: Bankruptcy Filings Increased Nearly 40% in First Half of 2022

A report from the Ministry of Economic Development of the Russian Federation on July 21st shows that the Russian citizens who filed bankruptcy and faced liquidation in the first half of 2022 increased by 37.8% compared with the same period last year.

 The report stated there were 1,213 Russian citizen filed for bankruptcy from January to the end of June, and had to liquidated their assets to clear off debts. The greatest number of bankruptcy filings was in Moscow with over 6,000 people. Second more number was more than 5,600 people in the regions surrounding the capital. During the same period, there were 20,185 citizens in Russia filed bankruptcy and restructured their debts.

 An official from the ministry said that the number of bankruptcy cases has reached a very scary level.

 Even though the substantial increase in personal bankruptcy filings had no clear connection with the Kremlin’s invasion of Ukraine in February, there appeared to be many high-popularity international enterprises ending or cutting off their business ties in Russia, said the report. Meanwhile, economic sanctions including asset freezes have been imposed on Russia by the U.S., European Union, Japanese and other nations.