Russian economic meltdown as light industry 'collapses' and thousands of firms go bust. Oil prices plunge. Sanctions bite

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Russian economic meltdown as light industry 'collapses' and thousands of firms go bust

The Kremlin is grappling with a growing economic crisis, as Western sanctions bite and oil prices plunge.

New data shows that bankruptcies of Russian companies have almost tripled since the beginning of Putin's full-scale invasion of Ukraine in 2022.

Last year, a whopping 52,000 firms went bust, up from just 18,000 in 2021, when the conflict in Ukraine was still localised in the east of the country.