Russian press to ☕ 29.04.23

ekonomiarosji.pl 2 years ago

Good morning,

I'd like to invitation you to a subjective review of the Russian press which I hope will make your morning light.

Istia

1. . Ukrainian drone attack on oil depot in Sevastopol.

Governor of Sevastopol Mikhail Razwojayev reported on his Telegram channel that no 1 had been injured as a consequence of a fuel tank fire in Kazakh Bay. The area of the fire is 1,000 square meters. m. According to the governor, the fire was assigned to the 4th degree of complexity, the location of the fire would take any time.

"Nothing threatens civilian objects," added Razwojayev. There are 18 fire brigades on site, and a fire train is expected to arrive. Earlier, the voivode reported that according to preliminary data the origin of the fire was a drone attack. According to Izwiestia newspaper, the drone belonged to the Ukrainian armed forces.

2. Putin allowed oil to be delivered to friendly countries at a price below the ceiling(i.e., bad, money-seeking episode 61)

The G7 countries introduced the maximum price on 5 December 2022, while Putin reacted to this decision by banning supplies to countries, in agreements with which the price cap would appear. As of 5 February 2023, the same restrictions apply to the supply of offshore oil products from the Russian Federation, the maximum price for a barrel of petrol and diesel is USD 100 and the low value oil products are USD 45 per barrel.

The ban on compliance with maximum prices does not apply to deliveries to friendly countries under previously concluded agreements, the applicable decree was signed by president Vladimir Putin. The text of the decree was published on the authoritative legal information portal on 28 April.

"This decree enters into force on the date of its authoritative publication," says the document.

(The decree relates to long-term contracts signed with India and Pakistan where limits and discounts related to the price cap are entered).

3. In Search of Missing Money Episode 62

A one-off business contribution to the budget can be paid 10% in 2024 and 5% this year. This was reported on Friday, April 28, by Russian Federation Finance Minister Anton Siluanow at a press conference.

"There is simply a anticipation of depositing a margin of 5% this year, which will be taxed and deducted next year," he said.

Earlier, on 11 April, the Center for economical Expert Studies of the Institute of State and Municipal Administration (ISMU) of the Higher School of Economics at the State Higher School of Economics presented the results of studies, which show that large enterprises can supply a budget as part of a one-time contribution of 470 billion rubles. This is 1.6 times as much as expected by the Ministry of Finance, which expects from the collection of 300 billion rubles. According to their calculations, the main part of the gross will be provided by natural resources extraction and export industries, financial and insurance companies.

Kommersant

4. Interest rates left at the same level of 7.5%

The decision of the Friday Board of Directors of the Bank of Russia was one more time foreseeable. On the basis of ‘year-to-year’ authoritative consumer inflation in Russia decreased in March to 3.5% per year, at the time of the Central Bank's decision it was reportedly around 2.5% per year.

However, as Elvira Nabiullin, the president of the central bank, explained, the council nevertheless considered the anticipation of raising the rate – along with the approved decision to leave it at 7.5%.

5.Government suspended publication of oil and gas production statistic for 11 months

The Russian government ordered the cessation of publication of statistic on oil, gas and condensate production by 1 April 2024. This is the consequence of a paper published on the legal information portal.

In a detailed list of product types for which the distribution of statistic has been suspended, there is simply a mixture of oil and gas (hole fluid), dehydrated oil, salted and stabilized, unstable gas condensate. The additional list specifies the activities for which statistic will be discontinued for the following year – oil and gas extraction, oil and gas extraction, natural gas extraction and condensate.

Some Russian experts are afraid that production declines due to sanctions may be higher than the authoritative government statistic and even Opec forecasts.