Insight

Russian Coal Industry: Structural Crisis Deepens in 2025

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Russia’s coal sector is entering a prolonged contraction. Sanctions, rail bottlenecks, and weak global prices are driving mine closures and eroding margins, while flat domestic demand leaves little scope for recovery. The insight explores: • How sanctions and discounts reshape trade flows • Why eastbound rail remains the critical bottleneck • The growing reliance on state subsidies amid fiscal strain • What this means for Russia’s share of global coal trade Near-term exports will hinge on discounted flows into China and India, but Russia’s long-term position in seaborne markets is under structural pressure.

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    Russian Coal Industry: Structural Crisis Deepens in 2025

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