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Gas Revenues Plummet as Customers Cut Off, Pipelines Drop Offline

RUSSIA
  • Vedomosti write that natural gas revenues across Russia dropped sharply in June, falling by 40% as the country cuts of customers that refuse to pay in RUB and as the Nord Stream 1 pipeline closed for maintenance. June exports revenues are estimated at RUB 633bln, down from May’s figure of over RUB 1trillion.
  • Interfax cites the Russian Foreign Ministry as saying that Russia have received no request from Washington concerning a possible Blinken – Lavrov call, despite Blinken’s claims in a press briefing that he intended to have a conversation with Lavrov “in the coming days”. Such a phone call would be the very first since the Russian invasion of Ukraine.
  • The monthly data drop out late yesterday showed Russian industrial production contracting by less than forecast (-1.8% vs. Exp. -2.4%), while the decline in retail sales slowed, but still fell faster than forecast (-9.6% vs. Exp. -9.4%). The weekly CPI turnout remains negative (-0.08%), adding another drag onto YTD CPI which slowed to 11.32%.
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