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Government Leaning Toward Eliminating Export Duty on Coal

RUSSIA
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  • Kommersant report the government is leaning toward lifting the exchange rate-linked export duty on coal as of May 1, as coal prices have fallen to a three-year low, its sources said. The lifting of the duty, which ranges from 4% to 7%, will only ease, and not fundamentally change, the difficult situation in the coal industry which could see a drop in production this year.
  • Gas production in Russia, including associated petroleum gas, rose 9% y/y to 191.2 bcm in the first quarter of 2024, with natural gas output growing 11.3% to 110 bcm. The growth was driven by an increase in both exports and domestic demand, Vedomosti write.
  • The main topic of talks between Russian tycoons and President Putin at the Russian Union of Industrialists and Entrepreneurs congress today will be "cooperation between businesses and the authorities," the lobby group said as per Vedomosti. Gold and forex reserve data will cross in the afternoon.
  • The Central Bank of Russia is unanimously expected to stand pat on rates at 16% given persistent concerns over inflation at their MPC meeting tomorrow. See our preview, with sell-side analyst views, here.
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  • Kommersant report the government is leaning toward lifting the exchange rate-linked export duty on coal as of May 1, as coal prices have fallen to a three-year low, its sources said. The lifting of the duty, which ranges from 4% to 7%, will only ease, and not fundamentally change, the difficult situation in the coal industry which could see a drop in production this year.
  • Gas production in Russia, including associated petroleum gas, rose 9% y/y to 191.2 bcm in the first quarter of 2024, with natural gas output growing 11.3% to 110 bcm. The growth was driven by an increase in both exports and domestic demand, Vedomosti write.
  • The main topic of talks between Russian tycoons and President Putin at the Russian Union of Industrialists and Entrepreneurs congress today will be "cooperation between businesses and the authorities," the lobby group said as per Vedomosti. Gold and forex reserve data will cross in the afternoon.
  • The Central Bank of Russia is unanimously expected to stand pat on rates at 16% given persistent concerns over inflation at their MPC meeting tomorrow. See our preview, with sell-side analyst views, here.