Published On: Thu, Feb 29th, 2024

Putin’s Roscosmos space agency sells major assets after crippling western sanctions | World | News


Russia’s Roscosmos space agency is set to offload assets worth more than 11.4 billion rubles ($124 million) as Western sanctions in response to President Vladimir Putin‘s war in Ukraine continue to impact the country’s space program.

According to a representative speaking to Russian news outlet RBC, Roscosmos has decided to sell off assets after experiencing a nearly 80 percent decline in export income due to lost orders and partnerships following the conflict in Ukraine.

The agency plans to sell more than 150 “non-core” assets this year, including boarding houses, former sanatoriums, land and property complexes, and recreation centers.

Since Putin’s invasion of Ukraine in February 2022, Roscosmos has suffered significant losses, losing key customers like U.K.-based satellite operator OneWeb Ltd. and South Korea‘s space agency, Bloomberg previously reported.

These losses have deprived the agency of crucial foreign funding.

READ MORE: New ‘space race’ as Russia and India fight to reach Moon’s south pole first

In a December statement on state TV, Roscosmos Director General Yuri Borisov acknowledged the challenges faced by the company in 2023, emphasizing the need to reverse negative trends that have plagued the industry for several years.

The list of properties slated for sale in 2024 includes assets in Moscow and the surrounding region, the Krasnodar region, Samara, the Tver region, and elsewhere across Russia.

Proceeds from the sales will be utilized to bolster the financial health of Roscosmos enterprises, the representative confirmed, noting that last year, the agency generated over 6.5 billion rubles ($70.72 million) from similar asset sales.

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Borisov highlighted the impact of lost contracts, particularly in crucial areas like engine supply and launch services, on the agency’s export revenue.

The challenges facing Russia‘s space program were underscored in October last year when Roscosmos acknowledged the failure of its Luna-25 mission.

The unmanned spacecraft, which aimed to land on the South Pole of the moon, veered out of control and crashed into the lunar surface due to a malfunction in the probe’s control unit.



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