Default of “Rosnano”: russia begins to cut spending on propaganda of its “technological greatness”
The russian state corporation Rosnano, established to develop nanotechnologies, has declared a technical default on its government-guaranteed bond issue. The company failed to make a scheduled payment of 1 billion rubles to investors.
▫️ Since its creation, Rosnano has primarily been an image project, intended to showcase russia’s “high technological potential” to the world. However, the company failed to deliver on its ambitions—despite generous state funding, most of its projects were unsuccessful and unprofitable. Back in 2021, Rosnano was already on the brink of default, but the state stepped in to help at the time.
After russia launched its full-scale war against Ukraine, Rosnano’s situation worsened even further. In 2023, the state corporation was once again on the verge of bankruptcy due to multi-billion-ruble debts. But this time, the government is in no rush to bail it out—due to massive wartime spending, there is no longer extra money to promote the illusion of russia’s “technological leadership.”
