Contact Information
- Subscribe
- Ask a question
Tags's search
Russia
-
9APR13
Russia's car and LCV sales down 4% YoY in March
Russia’s car and LCV sales were down 4% YoY in March and flat in 1Q13, according to the Association of European Businesses. Sollers’ sales dropped 10% YoY in March, driven by a 17% decline in UAZ sales, while SsangYong sales were up 4%. Meanwhile, its...
-
22MAR13
Government discusses Strategy for Developing the Russian Far East and Baikal region
Yesterday, the government held its regular weekly meeting. This time, the key topic was the Strategy for Developing the Russian Far East and Baikal region by 2018. Prime Minister Dmitry Medvedev commented that the planned financing (from the private sector, federal government and regional governments) of RUB 10tn (vs. Russia’s GDP of RUB 62tn in 2012), was «without precedent»...
-
12MAR13
Russia's car and LCV sales up 2%
Russia's car and LCV sales increased 2% YoY in February, with YTD growth at 3%, according to the Association of European Businesses. Although the headline numbers for the first two months of the year are positive, we believe that the market remains...
-
12MAR13
Russian oils: gasoline price decreased in March
... maintenance season is to start soon, and that domestic demand for gasoline is generally strong, we expect prices to start increasing shortly. We are maintaining our forecast of a 10% increase in gasoline retail prices in 2013. The news is neutral for Russian oils.
-
7MAR13
Russia Early Indicators - February
PMIs for February indicate milder inflation pressures, supporting our nonconsensus view that there is going to be a sharp deceleration in headline CPI YoY growth this year. Meanwhile, the first hard data for February implies that the warmer weather this year and the 29 days in 2012 meant that industrial production contracted further last month. On the consumption front, early indicators flag that there might be softer wage growth and household spending. Inflation pressures lower, labour market recovered...
-
6MAR13
Electricity consumption in Russia fell 7.6% YoY
Electricity consumption in Russia declined 3% YoY as of January-February and was down 7.6% YoY in February, according to System Operator monthly statistics. The key reasons behind the substantial 7.6% YoY decline was the 6.50 °C warmer weather in February and the high base...
-
4MAR13
Russian oil and gas companies: discussion of the offshore projects perspectives
... costly, technically difficult and uncertain. It recalls the unsuccessful experience of international oil majors and the delay in launching the Shtokman project. We are reiterating our cautious view on the prospects for offshore oil and gas projects in Russia. We note that oil and gas resources on the offshore projects are primarily resources rather than reserves (which would be a more certain category). Furthermore, we agree with the paper that exploring such projects could be technically difficult...
-
25FEB13
Russian gas: FTS might consider 3% change in gas tariff in 2Q13
According to Vedomosti, the Federal Tariff Service (FTS) might implement the gas tariff intra-year adjustment range. Nevertheless YoY gas tariff growth is to be equal to the planned 15%. The scheme would work as follow: gas tariffs in Russia for industrial users would be adjustable by 3% (either upward or downward) on a quarterly basis, depending on oil product (fuel oil and diesel) prices in Europe with a nine-month lag. The first 3% change might come into force as early as 2Q13....
-
22FEB13
Russia might apply scrappage fees to domestic auto producers
Russia is likely to make all auto producers in Russia pay the same scrappage fees as those currently paid by importers, Minister for Economic Development Andrei Belousov was quoted by Interfax as saying. He added that the government was now working on...
-
14FEB13
Russia needs monetary easing
... increase in September, it has kept key rates unchanged, as it did yesterday. This publication of Thoughts of an Economist assesses whether the time is right for the CBR to start the policy easing cycle and, if so, whether and when it is likely to start. Russia needs monetary easing. I support the view voiced recently by government officials and the president that current monetary policy remains too tight, and that this has resulted in a below-potential economic growth rate. I see the following reasons...
-
11FEB13
Russia's car sales up 5% YoY in January
Russia’s car and LCV sales increased 5% YoY in January, according to the Association of European Businesses. Among Russian producers, Sollers’ sales were up 8% YoY, while Ford sales (carried out through Ford Sollers JV) decreased 3% YoY. GAZ's LCV sales...
-
25JAN13
Andrey Kostin: “We do believe that investment climate in Russia is better than the investment image of Russia”
REPORTER: The Prime-Minister argued that Russia’s economy is attractive to investors thanks to its low unemployment and low level of debt, but he acknowledged that improving public governance has been a top priority. Russia currently ranks below Iran and Honduras in the global corruption surveys...
-
22JAN13
Russian oils: gasoline and diesel prices are increasing
... a further 10% on average YoY in 2013. We believe that prices are primarily driven up by high domestic demand and the lack of new refining capacities, combined with an increase in excise taxes from 1 January 2013. We see price growth as positive for Russian oils.
-
17JAN13
Russian oils ask the government to reduce gasoline export duty
According to Vedomosti, Russian oil companies have asked the government to reduce export duty on gasoline (currently 90% of crude oil export duty). The paper also quotes the Ministry of Energy saying that despite high export duty, gasoline exports amounted at 3.59mnt in 2012...
-
16JAN13
Russia car sales in line with expectations in 2012
Russia's car and LCV sales rose 11% YoY to 2.9mn in 2012, while December sales were up 1% YoY, according to AEB. The 2012 result was in line with our and consensus expectations, while the December data confirmed that the trend of the market slowing...
-
15JAN13
Russian oil and gas companies: government to consider offshore projects regulation
According to Kommersant, various government bodies are to consider issues concerning the regulation of offshore projects today. The paper writes that Rosneft and Gazprom are likely to receive 80% of all perspective offshore blocks for ten years, with only 20% of those to be explored. The Ministry of Natural Resources would insist on transferring the remaining part to the undistributed fund to be allocated later to private players. In addition, the Ministry is to suggest reducing the exploration period...
-
20DEC12
Russia Output & Demand - November
November data from Rosstat confirms weak growth remained in place: retail sales picked up slightly, while investment growth decelerated. The former was likely supported by the still tight labour market and still strong retail lending activity. Investment decelerated after a one-off spike in October and did not come as a surprise due to the unfavourable base effect and cooling corporate lending. We reiterate our forecast of real GDP growth at 3.5% YoY this year, and suggest that growth will remain...
-
14DEC12
MET might be lifted for Russian coal and iron ore miners
According to Interfax, the government is considering lifting the MET for Russian coal and iron ore projects in hard-to-reach regions for a 25-year period as partial compensation for infrastructure capex. Even though potentially lifting the MET is positive for sentiment, it would only be marginal for Russian mining companies’...
-
11DEC12
Russia's car market flat in November
Russia’s car and LCV sales were flat YoY in November, the first month of no growth since April 2010. However, YTD sales are still up 12%, according to the latest data from the Association of European Businesses. The market continues to decelerate and...
-
6DEC12
Russia Early Indicators - November
The PMI indices showed that economic activity expanded at a slightly slower rate in November, mainly on the back of slackening internal demand. They therefore corroborate our view that growth has reached low levels and that the expansion in GDP might have slid to 2.4% YoY in 4Q12 (the lowest level since the contraction in 2009) mainly as a result of the base effect. However, softer inflation pressures coupled with a strong level of sentiment will likely support growth in the near term. In addition...
