Russia's economy continues to be hammered by the war in Ukraine as an increasing number of companies report losses. Total losses of Russian companies by 25% in just nine months last year, reaching a whopping 6.52 trillion rubles (£68 billion), according to the federal statistics service.

Deputy Prime Minister Marat Khusnullin, who oversees housing and infrastructure in the government, warned that soon over 30% of Russian property developers could be pushed to the brink if financial conditions do not improve in the next six months.

He told Vedomosti Business Daily: "By my estimate, about 20% of developers face serious risks."

He noted that while every fifth construction company has postponed project completion by at least six months, this alone is not a reliable indicator of impending bankruptcy.

SC Donstroy in the city of Rostov-on-Don collapsed into bankruptcy after accumulating a debt of 11 million rubles (£105,000).

Meanwhile, construction company LLC "STEK" was declared bankrupt last year with debts of 39 million rubles (£373,000).

Stroyproekt Group was also reported to be on the verge of bankruptcy, while Regionstroy met this fate with debts of around 43 million rubles (£402,000).