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Russian economic meltdown as 100s of car dealerships close & steel industry 'tanks'
Russians have had to cut back on spending, & seeing consumer sales plummet. Last year, the Russian Central Bank raised interest rates to a record high of 21% attempt to control soaring inflation, rate hike has affected both companies & shoppers equally, denting business consumer confidence. For Russian businesses, high interest rates pose existential threat, they struggle to pay back loans. Russian consumers are finding it increasingly difficult to get credit from banks. A
result. Data from Gazprombank's Autoleasing and AutoBusiness Review 449 dealerships selling Chinese cars were forced to close last year have to cut back on spending, by consumer sales plummet. Russia's car industry sector feel chilly winds of owing economic storm. 
https://www.express.co.uk/news/world/200...s-closures