Recent forecasts from Russia’s Accounts Chamber indicate a ongoing reduction in unfinished construction across the country as 2023 progresses. This outlook comes as officials assess a market that has shown notable improvement in recent months, driven by policy actions and strategic planning at the federal level.
Officials have emphasized that precise figures for the full year are still being compiled, but preliminary indicators point to a positive trend in 2023. As these reports are finalized, clearer numbers are expected closer to mid-year, yet the early signs point toward healthier activity and fewer stalled projects compared with earlier periods.
At the start of 2023, Russia counted roughly 3,000 unfinished construction sites, valued at over 200 billion rubles. Over the course of the year, authorities reviewed the status of 295 projects, deciding whether to continue, complete, cancel, or privatize them. This process reflects a broader effort to realign resources, streamline project portfolios, and reduce non-performing assets in the construction sector.
Key drivers of the improving situation include the government road map designed to repair and revitalize stalled projects, as well as the establishment of an inter-ministerial commission to oversee the initiative at the federal level. These steps aim to coordinate actions across agencies, accelerate decision making, and provide a clearer framework for project recovery or termination as appropriate.
As of January 1, 2023, the aggregate of unfinished construction projects remained substantial, exceeding 3,000 with a combined value above 200 billion rubles. The current narrative, however, highlights a shift toward better outcomes as government interventions take effect, with project pipelines being re-evaluated and redirected where necessary.
Other developments during the period include confirmations from high-level officials about progress in aligning federal liabilities with shareholder expectations. This alignment aims to settle outstanding financial obligations and restore confidence among investors and stakeholders who rely on transparent, predictable policy actions. In related discussions, there were mentions of proposals to return funds to affected shareholders linked to certain sites, signaling a broader effort to address grievances and stabilize the sector’s financial underpinnings.