Russian сorporate profits jump 25% as sanctions hit muted
Russian companies' profits jumped 25% in the second quarter, even as sweeping U.S. and European sanctions imposed in the wake of the Kremlin's invasion of Ukraine pushed the economy into recession.
Profits jumped to 9.5 trillion rubles ($144 billion at the average exchange rate for the period), with year-over-year growth outpacing the 17% increase in consumer prices over the period.
The manufacturing sector, which was hit particularly hard by sanctions that cut off key imported components, still managed to increase profits by 44%, and the logistics sector saw a 168% increase.
The wholesale and retail sector suffered a drop in sales, with profits down 13%, and revenues in the mining sector fell 51% as sanctions hit key producers. In the technology sector, where Western companies left en masse, profits fell by 48%, Bloomberg.
via.TITVN
