Key Views

• We expect Russia to struggle to keep up with monthly OPEC+ quota increases of 105,000b/d and fall into over-compliance in 2022.
• We forecast Russia’s oil production to increase by 7% in 2022, where growth will be driven by a combination of Russia’s remaining spare capacity and new projects ramping up production.
• Capex is expected to

Key View: The short-term outlook for Russia's insurance industry is strong, as the market has proven resilient through the economic disruption of recent years and providers continue to achieve organic growth by expanding product lines and reaching more first-time users, across both the life and non-life sectors. Russia's large population and the

Key View: The core scenario for Russia's consumer electronics market is deceleration in 2022 when demand levels adjust downwards after the surge in consumption that occurred in 2021 when the acute phase of the Covid-19 pandemic eased. Over the medium term, opportunities will be created by purchasing power growth, though there is risk to this

Key View

• The transformation of the Russian telecoms towers market has entered a new phase, with all four major MNOs finalising the monetisation of their assets. In doing so, they highlight the need to rationalise costs to support increased focus on digital-first services portfolios.
• We believe recent transactions will be followed by

Key View

• The

Key View

• Russia’s recently amended Civil Code enabling the Government of the Russian Federation to issue compulsory licenses and determine compensation, will negatively impact innovative multi-national drugmakers.
• Local domestic drugmakers are likely to benefit as Russia seeks to improve their exports in alignment with their Pharma 2030