Ghana's rural banking sector reaches GHS26bn in assets after 50 years
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Some 2,700 Russian companies whose main business is tourism were liquidated in the first half of 2026, up 52.3% year on year, Emerging Travel reported on July 18, citing data from the Russian corporate registry service.
The closures signal the end of Russia's post-pandemic domestic travel boom, with the war between the US and Iran cutting off outbound routes just as home-market demand faltered, leaving the small agencies that dominate the sector with nowhere to turn.
Liquidations were up 46.1% even against the first half of 2024, and the total number of companies in the market grew by just 0.84% in the half, the weakest in three years.
Demand has fallen on every front. Booked domestic package tours dropped 31% year on year in the first half according to aggregator Travelata.ru, with rival Sletat.ru estimating a 22% decline.
Foreign arrivals into Russia are down 30-40%, nominal consumer spending on tourism fell as much as 9.2% year on year in April, and Moscow hoteliers cut prices in the first quarter for the first time in five years.
Sergei Romashkin, vice-president of the Association of Tour Operators of Russia (ATOR), said the number of agencies with active sales fell 6-7% year on year in the first quarter. Mapping service 2GIS counted 6,400 agency offices in Russia's million-plus cities at the start of May, down 1.6%, with Moscow losing almost 5%.
The Middle East war, which began on February 28, removed the industry's usual escape valve. International flights were cut sharply as Gulf airspace closed, and Middle East destinations were shut to organised travel, leaving operators owing refunds on unfulfilled tours previously estimated at RUB19.6bn ($253mn).
Most agencies are small businesses squeezed by falling demand, higher taxes, rising costs and limited scope to switch destinations. ATOR data show domestic tourism activity fell 3-4% year on year in the first quarter, meaning the home market absorbed none of the demand displaced from closed international routes.
This article originally appeared in Emerging Travel, a content syndication partner of IntelliNews covering aviation, hospitality and tourism across emerging and frontier markets.
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