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Russia to Maintain Current Volume of Crude Exports Despite Govt Plans

RUSSIA
  • Russian oil producers expect to maintain current volumes of crude oil exports, despite the plans of the Russian government to reduce production in March 2023 by 500,000 barrels per day, Vedomosti report citing individuals familiar with the matter. According to them, production will decline due to a decrease in the supply of raw materials to Russian refineries, which, in turn, will lead to a drop in the volume of exports of petroleum products.
  • The European Commission has dropped plans to sanction Russia’s nuclear sector or its representatives in the next sanctions package, Politico reported yesterday. The EU’s package includes plans to target certain sectors, lists that impose visa restrictions and asset freezes on individuals and companies.
  • The Federal Statistics Service will report 4Q GDP data today at 1600 GMT/1900 local time, where the figure is expected to show a 4.6% y/y contraction compared to -3.7% y/y prior.
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