Russia to Suffer 10% Financial Loss in Construction Sector

Russia’s construction sector may face around 10% of financial losses amid the current epidemiological situation, Deputy Prime Minister Marat Khusnullin said in an interview with Pavel Zarubin on Rossiya-24 TV channel.

“It will only be possible to estimate the losses of each region the results of the year. With the current epidemiological situation, losses may total 10%, whereas, with a worse situation, losses may be higher,” he said, as reported by TASS.

Deputy PM emphasized that the situation is unfolding differently in the regions. “In Moscow and the Moscow Region, losses are higher, of course, as housing construction has been halted. In other regions construction works have been mainly suspended partially, or short-term restrictions have been imposed, which is why partial restrictions are in force only in around eight regions now, with the remaining regions working to a greater or lesser extent,” he explained.

“However, we hope very much that construction works will be resumed once the sanitary and epidemiological situation improves,” Khusnullin added.

Construction and repair works have been suspended in Moscow starting April 13, with only medial, underground and transport facilities not covered by restrictions. Similar measures have been taken in the Moscow Region.

In late December 2019, Chinese officials notified the World Health Organization (WHO) about the outbreak of previously unknown pneumonia in the city of Wuhan, in central China. Since then, cases of the novel coronavirus – named COVID-19 by the WHO – have been reported in every corner of the globe, including Russia. On March 11, 2020, the WHO declared the coronavirus outbreak a pandemic. According to the latest statistics, over 3.5 mln people have been infected worldwide and more than 240,000 deaths have been reported.

To date, a total of 145,268 coronavirus cases have been confirmed in Russia, with 18,095 patients having recovered from the virus. Russia’s latest data indicates 1,356 fatalities nationwide. Earlier, the Russian government set up an Internet hotline to keep the public updated on the coronavirus situation.

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