Russian corporations were profitable in 2020

RUSSIA / FSU POLITICS - In Brief 11 Mar 2021 by Alex Teddy
Financial data from 2020 was published by Rosstat on March 9 proving that almost every major Russian coporation made a profit. The government's fateful decision to eschew a second lockdown paid dividends economically. However, the price for that has been 400,000 excess deaths. Corporate profits were down 25% in 2020. Rosstat figures tend to be massaged to look good for the government. However, few doubt the overall message. Corporate Russia fared better than corporations in virtually any other country.Corporate profits were USD 162 billion. In Q2 2020 corporations made losses. But they recovered in Q3 and grew more in Q4. Rosneft CEO Sechin is especially proud. He has defied the doomsayers. Rosneft is almost the only oil major supermajor to make a profit in 2020. It turned a USD 2 billion profit in 2020 as opposed to over USD 4 billion in 2019. The sale of its stake in Artic Oil helped a lot in 2020. Sberbank also had a very good 2020. The whole banking sector made a USD 21 billion profit. Only 3 out of Russia's 83 banks made a loss. Though Russia performed the best of all large countries in 2020 its growth is forecast to be slow. Corporate good times have underscored the misery of SMEs, which have received inadequate support from the state. In short the state believes that corporations matter and SMEs don't.

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