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: Nabiullina takes the controls, 11 Oct 2017
* Russia: US sanctions – a contrarian case, Christopher Granville, 28 Jul 2017
* Russia: Rates outlook – the key revealed, Christopher Granville, Madina Khrustaleva, 20 Jul 2017
* Russia: End of Putin revisited, Christopher Granville, 30 Jun 2017
* Russia: Geopolitics less bearish than oil, 23 Jun 2017

See all our Russia research >>

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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