Coal companies point to rising rail tariffs, falling global prices, and sanctions, which affect export profitability, as well as infrastructure constraints. At the same time, Russian Railways (RZD) has consistently continued to support the industry. The average tariff for coal transportation remains among the lowest, and discounts to the base tariff reach up to 45%, creating an additional burden on RZD’s financial position.

According to experts, one of the key reasons for the coal industry’s losses in 2025 was the strengthening of the ruble and the increase in the key interest rate, which raised borrowing costs. Notably, the total volume of RZD’s borrowings is more than twice the total debt of all coal mining companies as of October 1, 2025.

The full text of the article is available on the Rossiyskaya Gazeta website.