Russia's Space Agency Forced to Sell Off Assets as Sanctions Take Toll
Source: Newsweek
Published Feb 28, 2024 at 4:47 AM EST | Updated Feb 28, 2024 at 9:59 AM EST
Russia's Roscosmos space agency plans to sell off assets worth more than 11.4 billion rubles ($124 million) as sanctions imposed by the West over President Vladimir Putin's war in Ukraine continue to take a toll, local media has reported.
A representative of the company told Russian news outlet RBC that the decision was made after Roscosmos lost almost 80 percent of its export income after losing orders and key partners due to the war in Ukraine.
This year, it intends to sell its "non-core" assets—more than 150 items including boarding houses and former sanatoriums, land and property complexes, and recreation centers.
Since Putin launched his full-scale invasion of Ukraine in February 2022, Roscosmos has lost valuable customers such as U.K.-based satellite operator OneWeb Ltd. and South Korea's space agency, removing a key source of foreign funding, Bloomberg previously reported.
Read more: https://www.newsweek.com/roscosmos-russia-space-agency-sell-assets-sanctions-1874100
