Free Trial

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%.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.