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Russian GDP contracted by 2.1% last year. For the current year, we expect an economic decline of similar magnitude.
The Russian federal budget deficit for January and February 2023 was almost RUB2.6 trillion, according to the MinFin, down by half from the record RUB1.76 trillion reported in January, but already 88% of the budget planned for the whole year.
An unexpected surge in public spending and private investment cushioned Russia’s economy from the widely expected sharp economic fall in 2022, government statistics show. However, the economy is now reeling from the oil product sanction shocks.
Russia's oil product exports have slumped by 20% in February, marking the lowest level since May 2022, according to tanker tracking data reported S&P on March 2 in a note. Shipborne exports of crude, however, have held up well and remain robust.
Russia starts reducing its oil output by 500,000 barrels per day from March 1 in a one-month production cut that is intended to “stabilise the market,” according to Deputy Prime Minister Alexander Novak.
The discounts Russia is being forced to offer on its oil exports after twin sanctions were imposed look big, but thanks to huge changes in the market the real price Russia gets for its oil is much higher.
After the twin price cap sanctions were imposed on Russian oil exports, Ukraine’s supporters cheered as the price of the key Urals blend collapsed. The trouble is, Russian refineries in Europe make the price of Urals increasingly irrelevant.
Russia's budget deficit has increased significantly in recent months and is likely to remain under pressure due to lower oil prices and higher military spending, according to Capital Economics.
RosStat reported an even milder contraction in Russia's GDP in 2022 than the most optimistic forecasts from all the economists that follow Russia on February 20. This has been the least painful of all the crises since the fall of the Soviet Union.
By the end of 2Q22, the common belief was that the Russian economy was already hurtling towards disaster, buckling under the weight of sanctions. But it didn't happen. A lot of damage has been done to the economy, but what went right?
Ukrainian President Volodymyr Zelenskiy travelled to London, France and Brussels in recent days to plead with the west to give him more weapons. He didn't get them. Without them there is a danger Ukraine's army will be overwhelmed this summer.
The Russian budget started January in its deepest deficit in years, according to the result released by the Ministry of Finance on January 6.
The energy crisis in Central and Eastern Europe has lost some of its bite after a mild winter and record LNG imports led to a slump in natural gas prices. The EU has made good progress in replacing Russian energy supplies.
The oil market took a double shock on December 5 when an EU ban on importing Russian oil and an oil price cap scheme were introduced simultaneously. That was followed by a product ban on February 5. The jury is still out on if these will work.
wiiw believes that most countries of the region have “probably already digested” most of the economic shock caused by the Ukraine war, provided Russia does not escalate the conflict further.
The Russian economy is starting 2023 in a far better state than many had anticipated in the spring following the invasion of Ukraine and ensuing Western sanctions.
The price caps would work by barring Western insurance and shipping companies from insuring or carrying cargoes of Russian oil products unless they were bought at or below the caps, which will be imposed after February 5.
The value of imports into Russia in the fourth quarter of 2022 decreased at a slower pace year on year, the Central Bank of Russia (CBR) reported on January 26. The positive ...
The International Energy Agency reports that oil demand this year will grow by 1.9mn bpd, to a record 101.7mn bpd, and supply by 1mn bpd, to 101.1mn bpd, in its first monthly report for 2023 released on January 18.
Russian President Vladimir Putin needed a very cold winter. He didn’t get it. As a result, Europe’s gas storage tanks are at record-high levels and the price of gas has crashed on the Dutch TTF exchange to below pre-war levels.