Page 59 - RusRPTJul22

to reports. Russian oligarch Oleg Deripaska is also a major shareholder. Ingosstrakh earned just over a third of its premiums of $910mn from marine insurance in 2021.
Allianz, Europe’s biggest insurer, which offers a wide range of insurance products in Russia, has also said it has intension of exiting the market, the Financial Times reported in March.
Export of oil to India have boomed this year as it takes advantage of the deeply discounted prices. Russian grades accounted for about 16.5% of India's overall oil imports in May, compared with about 1% in all of 2021.
If the price caps are put in place and the insurance ban made to work, then there is also the risk of a drastic reaction from Russian President Vladimir Putin, who could respond by cutting oil and possibly gas exports to Europe, plunging its markets into economic chaos, even if doing so hurts Russia and its hydrocarbon industry considerably in the process.
2.22 Russian business and consumer confidence
The consumer confidence index, which reflects the aggregate consumer expectations of the population, in the 2nd quarter of 2022 compared to the 1st quarter of 2022 decreased by 10 percentage points (hereinafter referred to as p.p.) and amounted to (-31%). Since 2014, the lowest value of the index (-32%) was noted in the first quarter of 2015. The index value equal to (-30%) was registered in the 1st quarter of 2016 and in the 2nd quarter of 2020.
The share of respondents who positively assess changes in the Russian economy over the next 12 months increased by 3 p.p. in Q2 2022 compared to Q1 2022. – up to 17% (in Q1 2022 – 14%). The share of negative assessments increased by 8 p.p. to - 47% (in Q1 2022 - 39%). The share of respondents who believe that the economic situation in Russia will remain the same decreased by 11 percentage points. – up to 34% (in Q1 2022 – 45%).
The index of expected changes in the economic situation in Russia for the short term in the 2nd quarter of 2022 compared to the 1st quarter of 2022 decreased in all age groups: among the younger generation (16-29 years old) - by 13 p.p. and amounted to (-25%), among middle-aged people (30-49 years old) - by 2 p.p. and amounted to (-20%), among the older generation (50 years and older) - by 3 p.p. and amounted to (-22%).
59 RUSSIA Country Report October 2020 www.intellinews.com