Russia's largest chip project goes bankrupt

Crocus Nanoelectronics, the largest chip manufacturing project of Rosnano, Russia’s company to develop nanotechnologies, has filed for bankruptcy.

Source: The Moscow Times

Details: Crocus Nanoelectronics LLC is Rosnano's largest chip manufacturing project. It was founded in 2011 together with the French startup Crocus Technology.

The company was supposed to create magnetoresistive memory – random access memory devices based on spin gates (MRAM).

The total investment in the project exceeded EUR 200 million, including co-financing from Rosnano in the amount of EUR 100 million.

Background:

• Some Italian industrialists buy steel slabs from Russia, effectively financing Moscow's military aggression.
• Another major sector of the Russian economy, metallurgy, has faced a drop in exports.
• In the first 4 months of 2024, profits in the coal mining sector plummeted by 93% to just RUB 14.3 billion (roughly US$161.2 million).

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