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Russia's Nornickel, a major world producer of refined nickel and palladium, said its 2024 net profit fell 37% to $1.8 billion as Western sanctions and low metals prices squeezed earnings.

Russia’s Coal Industry Faces Record Losses as Governor Warns of “Survival Crisis”

Despite Putin’s December call for emergency action to save Russia’s coal industry, today, the Governor of the largest coal producing region in Russia sounded the alarm, explaining that with “many enterprises having ended the past year with losses, the question of the industry’s survival as a whole is now at stake,” Governor of the region of Keremova, Seredyuk wrote on his Telegram channel.

The coal industry in Kuzbass, Russia’s largest coal-mining region, is facing an unprecedented crisis that threatens its survival, according to Kemerovo region Governor Ilya Seredyuk. The region, which produces 60% of Russia’s hard coal and nearly 80% of its coking coal, has suffered massive financial losses, raising serious concerns about the industry’s long-term viability.

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Sanctions have severely curtailed Russian coal exports, cutting off access to key foreign markets. In 2024, coal exports fell by 17 million tons, pushing industry volumes back to their lowest levels in six years.