Key View

• Russia’s oil production is forecast to increase in 2021 due to the gradual loosening of cuts under the OPEC+ deal. We now expect oil output to rise by 6.5% in 2021, up from 6% previously, by factoring in the additional 65,000b/d concession to Russia for both February and March 2021.
• Russia’s compliance will continue to slip as oil

Key View

• We maintain our forecast for the Russian economy to contract by 3.9% in 2020 after real GDP growth came in at -3.6% y-o-y in Q320.
• Our projection factors in a moderate slowdown in quarterly growth in Q420 owing to unfavourable base effects after a relatively strong rebound in Q3, and because of tighter Covid-19-related restrictions

Key View

• US food and beverage multinational, Pepsico continues to expand its footprint in Russia, with the announcement in September 2020 of its third snack factory in the country, to be located in Novosibirsk, in the region of Siberia.
• A factory in Novosibirsk offers the country the ability to shorten is supply chain within the country’s

Key View

• At Fitch Solutions, we have revised our forecast for Russia's real GDP growth in 2020, from -3.5% to -5.4%, due to a more gradual recovery than previously expected.
• In light of stronger base effects, we now project growth to rebound to 3.7% in 2021, up from 2.7% previously.
• Budget priorities will increasingly focus on the social

Key View

• Based on clinical trial data from Russia and China, Russia has included Avifavir in its Covid-19 treatment guidelines.
• At a population level the benefits demonstrated by the drug in trials will help to alleviate the burden on Russia’s strained healthcare system.
• We expect more countries to approve the medicines in order to tackle

Key View

• Capex at Russia’s largest companies will be slashed by 18.3% in 2020 to around USD47.7bn as weak oil prices and the market’s involvement in OPEC+ production cuts weigh on spending plans.
• Gazprom will slash spending through 2020 with demand market weakness and record low prices delivering significant pressure. We expect remaining

Key View

• We believe that Covid-19 will accelerate the development of e-grocery, as a greater number of consumers in Russia are utilising this retail route during Covid-19 related lockdown which have been in place in the country since the end of March 2020.
• Post-lockdown we believe that there is strong potential for consumers that have adopted

Key View

• At Fitch Solutions, we have revised our real GDP growth forecast for Russia in 2020 to -3.5%, from -2.4% previously.
• While Q120 real GDP growth was positive, the full impact of the Covid-19 and pandemic and of weaker oil prices will be apparent in Q220 when we expect a double digit contraction.
• We forecast a gradual recovery as of

Key View

• After a slow start to 2019, Q319 preliminary data shows that real GDP growth in Russia is beginning to gather steam.
• We at Fitch Solutions maintain our forecast for growth to average 1.2% in 2019 and 1.7% in 2020, with the rebound driven by the government’s multi-year infrastructure spending programme and easier monetary policy.
• Ris

Key View

• We expect Russian LNG capacity to more than double through to 2028 as both Gazprom and Novatek invest heavily in new exports.
• Gazprom’s focus on developing LNG export capacity fits with a shifting market landscape in Europe, where rising LNG imports pose a risk of undercutting Gazprom’s dominance of pipeline gas imports.
• The