Russian authorities are considering measures to support Wildberries, the country’s largest online retailer, following Ukrainian drone strikes on its warehouses.
State-controlled bank VTB is expected to play a key role in any assistance package, Reuters reported, citing sources
At least seven Wildberries warehouses were hit in the attacks, wiping out roughly 10% of the company’s total storage capacity and disrupting its operations. The damage has also hit thousands of small businesses that sell goods through the platform. Wildberries has said it needs at least 30 days to evaluate the extent of the damage before it can start compensating affected sellers.
In the meantime, the company has introduced discounted storage fees. According to sources, the support being considered could take the form of loans from state-owned banks extended to Wildberries or its sellers, as well as tax relief or subsidies. A source close to the company said founder and chief executive Tatyana Kim has been liaising with government officials on potential measures, including tax concessions that would reduce the financial burden on the company of paying out compensation.