The Russian company Monocrystal, once one of the world leaders in the production of synthetic sapphire used, among other things, in the manufacture of missiles and drones, is declaring bankruptcy. This was reported by The Moscow Times.
The manufacturer, which is part of the Energomera holding, has informed creditors of its intention to file a bankruptcy petition with the Arbitration Court of the Stavropol Krai in Russia.
As recently as 2022, Monocrystal held about one-third of the global market for artificial sapphire, which—besides military applications—is also used in protective glass for smartphones and smartwatches.
The company now cites insolvency and insufficient assets.
As of the end of 2025, Monocrystal’s short-term liabilities exceeded its current assets by $50.6 million, while total assets fell over the year from $215.5 million to $182.5 million.
Short-term borrowings increased to $70.7 million, accounts payable amounted to $8.77 million, and long-term liabilities exceeded $129 million.
Over the past three years, the company also laid off about half of its workforce, shrinking from 1,087 employees in 2022 to 524 in 2025.
The bankruptcy is linked to damage to production facilities in Russia’s Belgorod region as a result of Ukrainian strikes, disruptions in raw material supplies, the loss of the European market, and declining demand for Russian electronics in Asia.
The most likely scenario is deep restructuring, a change of ownership, or the sale of its sapphire division to a new investor. Russian experts say the company still has a chance of survival due to the uniqueness of its products.
Otherwise, the Russian market risks losing one of its few high-tech manufacturing enterprises of global significance.
