Turkish company in Russia stopped its operations due to sanctions and financial difficulties

Tikhvin Ferroalloy company (TFZ), Russia's largest producer of high-carbon ferrochrome, was forced to go out of business on March 1, 2024 due to financial shortcomings and the inability to export products. This situation is considered as a result of the new sanctions package implemented by the European Union.
It will continue from April 1, 2024 and 73 members are free. Tikhvin Regional President Alexander Lazarevich said that the company has been working with stocks for a year, using only them for four years.
The reasons for the cancellation of the studies are excessive ferroalloy demand in Russia, the country will impose an export tax on ferrochrome starting from October 1, 2023, and exports are expected to grow by more than 60 percent in 2023 compared to 2022, and high-carbon ferrochrome production is expected to decrease by almost 25 percent in 2023.
The company management decided on the situation of its personnel, but announced that the average wages given to employees would decrease by two-thirds of the salary.
By the way, it should be noted that with the adoption of the EU sanctions package in December 2023, TFZ's access to world markets was completely closed.