Vedomosti Flags Monthly Declines In Russian Exports Of Gas, Oil & Metals

Vedomosti business daily newspaper circulates selected figures from Russian June trade data presented by the Federal Tax Service (FTS) at a seminar held by the Ministry of Finance for representatives of the federal subjects:

• Gas: Russia's gas exports were RUB633bn in June, which represents a 40% M/M decline from May, when shipments of gas exceeded RUB1tn. Per Vedomosti calculations (using the exchange rate cited by the central bank), this means that the value of gas exports decreased to $11.1bn in June from $16.2bn in May.
  • Still, one analyst told the newspaper that on an annual basis, Russia's revenue from gas sales quintupled in May and tripled in June, despite the decrease in physical deliveries.
  • Vedomosti flags that deliveries to Europe dwindled due to Western sanctions against Russia and a slump in the volume of gas transited through the territory of Ukraine.
• Oil: The value of foreign sales of oil fell 10% M/M to RUB605bn from RUB670bn recorded in May. Converted export earnings rose to $10.6bn in June from $10.3bn in May.
  • The volume of exported oil was 16.5mn tons in June against 18.9mn tons in May.
• Metals: Sales of metals shrank by a third to RUB172bn from RUB258bn in May. Converted revenue fell to $4bn from $3bn over that period.
  • The volume of metals exports dipped to about 3mn tons in June from 4.5mn tons in May.
• Note that Russia discontinued the publication of detailed international trade statistics following its invasion of Ukraine on February 24.