Media: three subsidiaries of Russian Space Agency are in a financial crisis

RIA Novosti reports,citing materials presented at the meeting between the head of Roscosmos Dmitry Rogozin and Russian President Vladimir Putin, that the financial condition of three subsidiaries of the Russian State Space Corporation, Roscosmos is in a crisis. 

According to  Roscosmos’  documents, measures are being taken to improve the financial state of the State Organization "Gagarin Research & Test Cosmonaut Training Center", Federal governmental enterprise "Scientific-and-testing center of rocket-and-space industry", and FSUE TsENKI (Center for operation of space ground-based infrastructure), which operates the Baikonur and Vostochny cosmodromes. 

In addition to the companies mentioned above, the reports mention the improvement of “the financial health” of the Khrunichev State Research and Production Space Center and the Rocket and Space Corporation Energia. What measures will be taken is not specified. 

According to RBC news agency, Rogozin’s team analyzed the situation in the industry and discovered financial problems in a number of enterprises in Roscosmos. It is noted that the issues were compounded for a long time for various reasons including “debt obligations for various projects and changing indices of industrial and consumer price while maintaining the same volume of subsidies.” It is noted that a program has been developed for the financial recovery of each of the above enterprises.  

At a meeting with Putin on February 4th, Rogozin stated that the consolidated revenue of Roscosmos in 2018 amounted to 387 billion rubles ($5.9 billion USD), while in 2019, according to plans, it should increase to 445 billion rubles ($6.79 billion USD).

  Russia, Roscosmos, Rogozin