The coronavirus pandemic has hit economies across the globe, Russia being no exception. The crisis which broke out in 2020 is different from all of the previous ones. First, it is highly heterogeneous: in a number of industries, part of businesses had to suspend their operations altogether, whereas some industries benefitted from increased demand for their products. Second, the brunt of the crisis was very concentrated in time. A revenue decline which companies encounter during crises is usually gradual in nature, allowing them time to find ways of adaptation. In 2020, companies from many industries suffered a much more abrupt income contraction, because their operations were suspended after restrictions aiming to contain the spread of the pandemic were put in place. As companies’ revenues plummeted, far from all of them were able to stay in business. This note analyses how the number of liquidations, i.e., market exits, has changed amid restrictions put in place to contain the spread of new coronavirus contagions. The most stringent restrictions were imposed in April and May 2020, when the “day-off” regime was effective in Russia. Bearing this in mind, the surge of liquidations in July was an implication of restrictions imposed in the second quarter. At the same time, the negative effect on the number of new companies (market entries) became evident in the most acute phase of the first crisis wave: amid economic activity suspension, the number of newly registered enterprises fell sharply. Although market entries rose in the subsequent months as the economy started to recover gradually, they have so far failed to make up for the spring fall, remaining below the February 2020 level in some industries or close to it in others.