... decline in physical export volumes to Europe. Geopolitical factors and gas exports also set the tone for operational results. Sanctions and the political environment after 2022 led to conventional sales markets (Europe) being effectively closed: gas exports ... ... decreased compared to previous years (especially in Europe), but cash revenues have only slightly increased due to price factors. Oil and gas condensate sales contributed relatively little. Revenue from oil sales rose to ~173 billion rubles (+6% year-on-year),...

... levels, reflecting limitations on speculative operations. In the near term, the ruble will be sensitive to external factors (oil prices, geopolitical issues) and internal expectations regarding the Central Bank's policies. Bond Market The bond market ... ... the services sector and slight growth in industrial indicators as a signal of moderate optimism; however, high inflation and sanctions continue to impose restraining factors on risk positions. Conservative scenarios dominate the stock and bond markets: ...

... Russians' eagerness to acquire real estate is the fear of ruble devaluation. In the context of inflationary pressure driven by sanctions, changes in global energy markets, and domestic economic challenges, the purchasing power of the ruble is unstable. ... ... attracts investors during periods of unstable currency exchange rates and heightened inflation. My Comment as the Founder of Open Oil Market "As the founder of Open Oil Market, I see that the current economic situation is prompting Russians to increasingly ...

... few weeks. This allows government agencies to swiftly manage liquidity. The share of securities sold on the market annually currently amounts to nearly 2.5 trillion rubles. Non-residents occupy about one-third of the market. However, the decline in oil prices and imposed sanctions have negatively impacted placement volumes. An auction for the sale of OFZs can either be successful or not. In this regard, there is no difference from any other trades. If the lot price does not satisfy the seller, they have the option to ...

... Market Volatility: The first months after an IPO may be accompanied by significant fluctuations in stock prices. Lack of Stable Profitability: Some companies at the IPO stage may not yet have achieved sustainable profitability. Geopolitical Instability: Sanctions and restrictions may reduce interest in Russian stocks in international markets. Comment from Open Oil Market Sergey Teryoshkin, founder of Open Oil Market, notes: "The growing popularity of IPOs indicates that Russian businesses are adapting to new conditions, finding ways to attract capital domestically. This is particularly relevant in an environment ...