Chinese company wants to buy a bankrupt coal mine in Russia
A Chinese company is ready to purchase the bankrupt Russian Inskoye coal mine.
▫️ The fate of the Inskoye mine highlights the broader challenges facing Russia’s coal industry, brought on by the war against Ukraine and sanctions. With the loss of Western markets and declining domestic demand, the coal sector has struggled to fully pivot to Global South markets. On top of that, India and China have imposed duties on Russian coal.
As a result, Inskoye, like many other mines, has gone months without paying salaries, triggering strikes and even hunger strikes. Taking advantage of the situation, Chinese companies are buying Russian mines easily, further increasing Russia’s economic reliance on China.
Despite ru-propaganda’s claims, the Kremlin’s current policies are crippling Russia’s economy and deepening its dependence on China.
