A private Russian space company is facing bankruptcy amid a broader pattern of industry failures, underscoring the mounting challenges facing Russia’s once-ambitious commercial space sector, The Moscow Times reported. SR Space, founded in 2020 by aerospace entrepreneur Oleg Mansurov, is the latest in a string of private ventures on the verge of collapse. Russia’s Federal Tax Service has initiated bankruptcy proceedings against the firm after freezing its accounts at four banks earlier this year over unpaid tax obligations, the Kommersant business daily reported.
Russia’s economy is “on the brink of going into a recession,” the country’s economy minister said Thursday, according to Russian media reports, the Associated Press reported. Economy Minister Maxim Reshetnikov delivered the warning at the St. Petersburg International Economic Forum, the annual event in Russia’s second largest city designed to highlight the country’s economic prowess and court foreign investors. Russian business news outlet RBC quoted the official as saying “the numbers indicate cooling, but all our numbers are (like) a rearview mirror.