Rusnano On The Verge Of Bankruptcy

The Russian state corporation asked for money from the budget.

The state corporation Rusnano, which warned last year of the threat of bankruptcy, turned to the government with a request for financial assistance.

As Interfax reports, citing the company’s financial statements, Rusnano needs money to pay off its debt, the size of which at the end of last year reached 69 billion rubles.

At the beginning of the year, Rusnano had 5.7 billion rubles in current assets, which, according to the company, cover its short-term liabilities. However, Rusnano foresees problems in the future: the debt, including the cost of servicing it, may “not be sufficiently secured by assets,” according to the explanation to its financial statements.

Created in 2007 to build an innovative hi-tech industry in Russia, Rusnano for 2010-22. accumulated more than 110 billion rubles in losses. In October last year, the company warned that repaying its debt obligations using its own funds was “objectively impossible” and it “meets the criteria of insolvency and insufficient property” in the terminology of the Bankruptcy Law.

In November 2021, Rusnano was already on the verge of default on its debt, and then the company was saved by the state. This happened a year after Anatoly Chubais, the permanent head of the state corporation since 2008, left Rusnano.

In 2022, Chubais left Russia, leaving the post of Special Presidential Representative for Sustainable Development. Chubais was spotted in various countries, including Turkey, Germany, Italy and Israel. In May 2024, it became known that Chubais had launched a “Center for Russian Studies” at Tel Aviv University, which was expected to study the history of Russia after 1991.

Russian President Vladimir Putin linked Chubais’s departure with the “huge financial hole” discovered in Rusnano. “Perhaps he is afraid that in the end this will all lead to some kind of criminal cases, so he went underground,” Putin said in September.

Six months later, Rusnano went to court with a request to recognize the fact that the company’s obligations were understated by its former management. According to the current management of the state corporation, Chubais and his top managers distorted the true financial position of the company in 2017 in order to continue taking loans.