Ukraine drone campaign hits Ozon as e-commerce stocks reel

The strikes have transformed Ozon from a high-growth market darling into a focal point of the conflict’s economic front. Operations were suspended in Makhachkala after a fire broke out at a key hub, resulting in multiple injuries, according to company statements. Similar incidents, including evacuations and facility damage, were reported in Enem, Adygeysk, Nevinnomyssk, Samara, and Orenburg. These attacks mirror earlier strikes on rival firm Wildberries, which Kyiv maintains serves as critical infrastructure for the Russian war effort.

Investors reacted with immediate alarm, driving shares of Ozon and its major shareholder, AFK Sistema, down by 30% and 13% respectively. While the Russian government has pledged to design restoration programs and offer tax breaks to support the sector, analysts remain skeptical about the retailers' ability to absorb the damage. Unlike Wildberries, which benefits from backing by state-owned VTB bank, Ozon faces significant debt constraints. As the Kremlin attempts to stabilize the e-commerce sector—a rare bright spot in a stagnating economy—the widening scope of these strikes threatens to disrupt the supply chains and financial stability of Russia’s digital retail giants.