The Russian economy is cratering: Imports are falling, coal companies are going bankrupt, oil prices are falling, and the ruble is weakening.

Mass refusals by banks in Turkey, China, the Middle East, and the countries of the former USSR to make payments for Russian companies has impacted imported supplies to Russia. According to results from the current year, import volumes will be $29.2B lower than planned, the Russian Ministry of Economic Development predicts. Therefore, instead of a $21.2B increase in imports as seen last year, the economy will endure a $8B reduction.

The Russian Ministry of Energy reported that in the first half of the year, the coal industry’s post-tax profit collapsed, declining by 97%. The net result for January-June is negative: losses amounted to ₽7.1B, and more than half of the sector’s companies (51.4%) were in the red. The profit at the end of the year may decrease by 90%. In seven months, coal exports from Russia fell by 11.4%, and production decreased by 4.4% in annual terms.

In addition, Russia’s budget for next year will foresee a decrease in oil prices and an accelerated ruble devaluation.