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Exxon Calls Russia Exit “Expropriation”

RUSSIA
  • Exxon has completed its exit from Russia, calling the departure an “expropriation” of its main Russian operation and potentially setting up a future legal challenge, Bloomberg report. “With two decrees, the Russian government has unilaterally terminated our interests in Sakhalin-1 and the project has been transferred to a Russian operator,” an Exxon spokesperson said in a statement. Exxon has been winding down production at Sakhalin-1 since May after announcing its intention to leave just weeks after Russia’s invasion of Ukraine earlier this year.
  • Turkey, India and China are lining up cargoes of Russian oil to be delivered before EU sanctions make trade more difficult. Flows to the three countries peaked in June at 2.2 million barrels a day, though in the four weeks to Oct 14 that figure was down by about 350,000 barrels a day, according to data compiled by Bloomberg. EU sanctions that will deprive vessels of insurance and other services come into effect on Dec 5.
  • Russian Steel criticized the planned increase in railway tariffs for 2023 by 9.8%, Kommersant report. The increase in the tariff burden on the industry will be 22%, which is higher than all inflation forecasts.
  • PPI data crosses tomorrow where a 5.4% y/y, 0.4% m/m rise is expected.
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