Putin is facing existential threat

Russia’s coal industry is becoming an existential challenge for President Vladimir Putin, as production continues to decline in the face of growing economic pressure.

Coal exports have steadily dropped since the invasion of Ukraine in February 2022. Sales fell by 1% in 2022, 4% in 2023, and are expected to decline by 5% in 2024—with some forecasts projecting a drop of up to 8% by the end of the year.

Over the past three years, Russia’s economic situation has worsened, largely due to European sanctions targeting the country's oil and gas sectors, which together account for a third of national revenue.

Experts from the Center for Macroeconomic Analysis and Short-Term Forecasting report that coal extraction continues to decline, as Russia’s mining sector has lost competitiveness to major producers like Australia, Mongolia, and Indonesia.

Currently, around 155,000 Russian workers are employed in 58 underground coal mines, while an additional 500,000 people have jobs connected to the broader coal industry.

(QG - Source: Daily Express — Picture : © Unsplash)