Key View

• Real GDP growth in Russia declined notably to 0.5% year-on-year in Q119, consolidating our relatively downbeat outlook for the economy in 2019. 
• We at Fitch Solutions maintain our forecast for growth to slow to 1.5% in 2019, down from a multi-year high of 2.7% in 2018, as domestic demand weighs on overall output.
• Against this backdrop

Key View:

• Sales in Q119 saw a significant improvement in organic sales performance as a result of the country's recovering economy. 
• The impact of currency translation has eroded sales growth for all multinationals on a reported basis.
• Opportunities remain primarily within the generic and OTC segments.

Strong growth undermined by currency

Key View

• Russian approval of a biosimilar eculizumab validates Selexis' development work; it also gives Generium the first approved biosimilar version of Soliris and increases the likelihood of success for similar products for another Selexis partner, Turgut Ilaclari.
• However, Russia is not amongst the most well-regulated markets; additional

Key View

• At Fitch Solutions, we expect Russian economic growth will ease in 2019, in-line with moderating domestic and foreign demand, with real GDP growth slowing to 1.5%, compared to 2.3% in 2018.
• A hike to the value-added tax, higher inflation and weaker gains in the labour market will all act to temper household consumption growth, while

Key View

• We at Fitch Solutions expect headline inflation in Russia to remain above the Central Bank of Russia’s 4.0% target in 2019.
• Inflation will peak in H119, on the back of a VAT tax hike, fuel price increases and geopolitical risks keeping depreciatory pressures on the rouble.
• That said, a preemptive hike in late 2018 should allow the

Key View

• We expect the Central Bank of Russia (CBR) to keep rates on hold at 7.50% in the near term, while risks are increasingly tilted towards further tightening.
• Geopolitical tensions, uncertainty with respect to the external environment and elevated inflation expectations could trigger a faster-than-anticipated pick-up in inflation

Key view

• Novatek's latest offshore gas discovery in the Russian Arctic adds to the significant discovered gas resource volumes in the region and reinforces the business case for further expansion of LNG export capacity in the area.
• Growing global LNG demand, spearheaded by Asian markets, will remain strong and absorb supply additions from