The financial turbulence surrounding JSC Rusnano, a Russian nanotechnology company, has reached a critical juncture, according to a report released by the firm. The report explicitly states that Rusnano is grappling with the inability to meet its financial obligations in a timely manner. As of June 30, 2023, the company’s net debt had escalated to 95.56 billion rubles, a noticeable increase from 90.85 billion rubles, according to Interfax, at the start of the year. The report further warns that if the shareholder does not intervene to normalize financial reporting and restore liquidity, the company is likely to exhibit signs of bankruptcy.
The Russian government has been contemplating the liquidation of Rusnano due to its unprofitability, a subject that has been previously reported by Vedomosti in October 2022. The Finance Minister, Anton Siluanov, has even penned a letter to Russian President Vladimir Putin, suggesting the termination of the state-owned enterprise’s activities due to its current unprofitable state.
However, there is another perspective on how events could unfold. Some suggest that the government could continue its rebalancing policy while maintaining Rusnano as a center of competence for innovation. This viewpoint was elaborated upon by three federal officials and a source close to the business sector.
According to RBC, the government has considered three potential scenarios for Rusnano’s future: liquidation, transfer to another state company while retaining some key competencies, such as hydrogen transportation, and proceeding with a new investment program. The primary options appear to be either liquidation or a strategic transfer that would narrow the scope of Rusnano’s activities.
Adding another layer to this intricate situation, Vedomosti reported on October 13 that the Finance Ministry had settled a debt of 9 billion rubles on behalf of Rusnano by repaying bonds with a state guarantee. This marked a precedent as it was the first instance where a public enterprise’s debts were cleared using Treasury funds.
The unfolding situation around Rusnano serves as a case study in the complexities that can arise when a state-owned enterprise faces financial instability. It also raises questions about the role of government in intervening in such crises, especially when the enterprise in question is linked to a sector as crucial as nanotechnology. The government’s ultimate decision could have far-reaching implications, not just for Rusnano and its creditors, but also for the broader Russian economy and the field of nanotechnology.
