Assessment of the cross-industry impact of the metallurgical sector on the financial results of mining companies under sanctions
N.A. Cherepovskaya1, A.K. Khudoyan2
1 Financial University under the Government of the Russian Federation, Moscow, Russian Federation
2 Central Bank of Russia, Moscow, Russian Federation
Russian Mining Industry №2/ 2026 p. 230-234
Abstract: The relevance of this study lies in the need to assess the impact of sanctions-driven transformation on the operation of mining and processing companies, as current external economic constraints significantly affect the companies’ financial performance and the stability of the industries. The objective of the study is to identify the presence of cross-industry interrelationships in the mining-and-processing chain and to determine the extent to which the financial performance of the metallurgical companies affects the profitability of the mining companies. Correlation analysis was selected as the statistical research method, which made it possible to identify the strength and direction of the relationships between indicators of different industries. The quantitative assessment was based on a regression model that used the least squares method on a sample of companies, which enabled measuring the degree of integration between the industries, identifying the impact of the companies’ financial condition, and determining transmission of the crisis fluctuations along the mining-and-processing chain. The study’s findings reveal a statistically significant inverse relationship between the mining industry revenue and the metallurgical industry’s net profit (–0.658; coefficient), which reflects the effect of margin compression under external pressure. At the same time, profitability of the mining sector develops independently, and the correlations lose their significance by 2023–2024, indicating a structural reorganization of interactions. The scientific novelty of this work lies in the development of an empirical model to assess the impact of sanctions on interaction of the integrated sectors of the national economy. The practical value of the study consists in the fact that the model serves as a key tool for planning a sustainable development of industries when formulating their strategies and for ensuring their sustainable development, as well as for timely development of measures to mitigate the risks associated with the external sanctions pressure and economic crises.
Keywords: mining industry, metallurgy, financial results, sanctions restrictions, cross-industry dependencies, profitability, regression analysis
For citation: Cherepovskaya N.A., Khudoyan A.K. Assessment of the cross-industry impact of the metallurgical sector on the financial results of mining companies under sanctions. Russian Mining Industry. 2026;(2):230–234. https://doi.org/10.30686/1609-9192-2026-2-230-234
Information about the article
Received: 26.01.2026
Received after peer review: 03.03.2026
Accepted for publication: 04.03.2026
Information about the authors
Natalya A. Cherepovskaya – Cand. Sci. (Econ.), Associate Professor, Financial University under the Government of the Russian Federation, Moscow, Russian Federation; https://orcid.org/0000-0003-3828-2536; e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Alla K. Khudoyan – Expert of Data Processing Sector, Regional Analysis and Data Processing Department, Economic Management, Central Bank of Russia, Moscow, Russian Federation; https://orcid.org/0009-0005-2333-5561
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