Key View: Russia's electric vehicle (EV) sales growth is expected to remain strong in 2024, bolstered by the government's investment plan and increased presence of Chinese brands. However, geopolitical tensions and infrastructure limitations pose challenges.

Key View

• We believe Russia is preparing its population for a long war while delaying another politically sensitive wave of mobilisation until after the March 2024 presidential election.
• Our assessment that Ukraine will hold back Russian counter-attacks through winter is closely tied to the large number of challenges facing the Russian

Key View

• Russia’s Circle Of Kindness Foundation continues to expand procurement of drugs for rare diseases, benefitting drugmakers.
• Global drugmakers will continue to supply the majority of public procurements of pharmaceuticals in Russia.
• Distributor relationships with the foundation will continue to dictate drug procurement process.
• While

Key View

• Following the Central Bank of Russia’s (CBR) decision to continue its hiking cycle on September 15 by raising the key rate from 12.00% to 13.00%, we retain our view that the Bank will lift the rate by a further 100 basis points before the end of 2023 to 14.00%.
• The CBR’s main concern has now shifted from providing support for growth

Key View

• Little change is expected to the overall Russian healthcare budget to 2025.
• Russia will reallocate healthcare spending from other regions to build and repair hospitals and purchase medical equipment in occupied territories of Eastern Ukraine.
• We expect the fleeing of doctors from Russia may lead to longer wait times and reduced

Key View

• Mainland China and Russia are deepening gas trade, as they seek to diversify gas trade routes amid sanctions on Russian gas.
• China stands to benefit as Moscow faces the threat of the permanent loss of natural gas markets in Europe.
• Russia’s chase for gas pipeline deals with China puts the latter in a much better bargaining position