Jens Asbjørn Bøgen
It is far from the only business to shut down amid the deepening crisis.
A court in Moscow has officially declared Russia’s only registered domestic television manufacturer bankrupt.
According to a report by the Russian newspaper Kommersant, the legal decision follows months of mounting financial trouble for the plant.
Electronics retailer DNS started the bankruptcy process last summer after the factory failed to pay back an unpaid debt of more than 654 million rubles, or around $8 million.
Kvant, founded back in 2016 in the Moscow suburb of Zelenograd, previously built screens for DNS under the Irbis brand. Production halted when high expenses and dropping customer demand made the project impossible to sustain.
Suppliers pull out
Trouble deepened when key international suppliers stepped back to avoid secondary sanctions from foreign governments.
Chinese tech giants TCL and Xiaomi stopped sending essential components to the Zelenograd facility in 2024.
The plant stalled. Without those vital parts, assembly lines came to a sudden halt.
The loss of supplies triggered a massive slide in sales. Kvant had earned 13.1 billion rubles, roughly $161.7 million, in 2023. By 2024, that number dropped sharply to 4.9 billion rubles, or $60.5 million.
Staggering debt pile
Last year, revenues collapsed almost entirely. The factory brought in just 45 million rubles, about $555,000, while losing 387 million rubles, or $4.7 million.
Former employees are still waiting to be paid. Tens of millions of rubles in unpaid wages are still owed to workers.
Over two dozen other creditors joined the legal fight after DNS filed its original petition. Court records now show approved claims reaching 4.15 billion rubles, roughly $51.2 million.
Russian tech giant Yandex and state lender Sberbank sit near the top of the long list of creditors trying to reclaim their money.
Crisis spreads
Kommersant has previously reported that Moscow shopping centers saw the closure of 2,300 shops in just a year.
With new openings only offsetting roughly 80% of the closures, it means the Moscow shopping centers are becoming increasingly unoccupied by retailers.
Svetlana Kuzmina, Director of the Retail Real Estate Department at Accent, told Kommersant that the trend of shops closing has increased in the first half of 2026 and estimated that the vacancy rate in shopping centers in the Russian capital could reach 12.3% before the year is over.
