(Reuters] – Russia’s Industry Ministry anticipates that automobile sales in Russia will drop by half between 2022 and 2023 as supply problems continue to plague the industry.

Tigran Parsadanyan was the deputy head for the ministry’s railway and automotive engineering department. He stated on Thursday that “we saw a sharp decline (in car sales).

“We anticipate that 750,000 cars will have been sold by the end this year,”

This is a drop of 51% in annual sales.

On Monday, the Association of European Businesses (AEB), stated that Russian sales of new vehicles in May fell by 83.5% to 24,268 cars. This year, it expects sales of cars to drop by 50%.