Russians get rid of their businesses

Entrepreneurs in Russia have started selling out unprofitable businesses which is evidenced by a hike in offers of functioning businesses in major cities. Between March and October, the number of such businesses on sale has gone up by 28%.

The deterioration of the economic situation caused by the COVID-19 pandemic, is uneven throughout the nation with relatively more businesses put on sale in Ufa, Samara and Voronezh, whereas a more favorable business climate is observed in Yekaterinburg and Perm. The industries that have been worst impacted by the crisis are entertainment, sports, hotels, and offices for rent.

European companies operating in Russia have faced other problems as well, suffering from anti-Russian economic sanctions and high volatility of the exchange rate of the Russian currency.

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