TEXTILE PRODUCTION IN RUSSIA DECLINES, LARGER COMPANIES HAVE BEST CHANCE OF SURVIVAL
August 30th, 2022
The Russian textile sector has been struggling to cope with the international sanctions from the US, European Union (EU), UK, Japan and others and the disruption caused by the exit of international companies from Russia, following its invasion of Ukraine.
Russia’s GDP declined 4% in the second quarter and will shrink by 7.8% throughout 2022, predicts the ministry of economic development.
Textile production has also shrunk as the war, which in its sixth month had killed 15,000 Russian soldiers according to the USA’s Central Intelligence Agency (CIA), fell by ...
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