Christopher Granville

Director of Russia Research
+44 (0)20 3008 5762

Jan Cleave

Analyst, Russia Research
+44 (0)20 3008 6093

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Recent Russia research

* Russia: Navalny trashes Medvedev - What it means, Christopher Granville, 29 Mar 2017
* Russia: Geopolitical driver – negative turn, Christopher Granville, 15 Mar 2017
* Russia: Jumbo tax reform, Christopher Granville, Madina Khrustaleva, 3 Mar 2017
* Russia: More good news on the macro-policy front, Christopher Granville, Madina Khrustaleva, 8 Feb 2017
* Russia: Pay attention to Kudrin, Christopher Granville, 31 Jan 2017

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Russian oil: The death knell for easy downstream profits

Overview

Government policy decisions on the oil sector are now the main driver not only of Russian oil company share prices but also of the Russian equity market as a whole, given the oil stocks’ year-to-date underperformance of benchmark indices in which they have heavy weightings. This report focuses on a major regulatory development affecting the companies’ most profitable business – the domestic downstream. Unlike the taxation issue which is grabbing most market participants’ attention,...

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