Power of sanctions: thousands of Russian companies tore off the implementation of contracts

Several thousand Russian companies cannot fulfill the terms of contracts and declare force majeure due to the sanctions introduced after the invasion of Ukraine. Such data were brought by Olga Gorbacheva – the acting head of the FAS Russia Office for the control of the placement of the state order and the state defense order, writes Finanz.

According to her, we are not talking about foreign trade transactions that are blocked by the limiting measures of the United States and the European Union. In the situation of force majeure, there were contracts of Russian legal entities with Russian, including state orders. The Chamber of Commerce and Industry (TTP of the Russian Federation) is now accepting applications for certificates of force majeure. But business cannot receive documents: in Russian legislation, sanctions are not prescribed as a basis for non -fulfillment of obligations.

A survey conducted in May by the Institute of the Commissioner for the Protection of the Rights of Entrepreneurs Boris Titov showed: 86.4% of Russian companies affected the sanctions. Almost two -thirds of them (61.7%) reported a fall in financial indicators, almost a third (29.4%) noted a reduction in revenue.

Every fourth owner or top manager described the state of his business as a serious decline, and 7.1% as a crisis. At the same time, 5.7% have already closed their job or intend to do this in the near future.

Leave a Reply

Your email address will not be published.