Page 125 - RusRPTDec22

to continued sales of its semi-finished steel to the European market. Coal segment still looks relatively resilient amid stable prices and its pre‐existent focus on Asia. Our sensitivity analysis points to a 37% weaker ruble (85/$) for steel exports to China to break even. For iron ore, national currency should drop 16% (72/$) vs spot.
Russia’s stainless steel production increased by 9% on the year in January–September, a spokesperson for the Industry and Trade Ministry told PRIME on November 14. Imports of stainless steel decreased insignificantly in the period, the spokesperson said.
9.1.12 Transport sector news
● Ships
The EU has made concessions for Cyprus, Greece and Malta, whose tankers carry Russian oil, Politico reported on November 22. "Diplomats warned they were unsure whether Greece, Cyprus or Malta would have any last-minute concerns. But officials said the EU had already made concessions to the three countries and weakened sanctions on other Russian goods such as fertilizers, cement and other products to soften the blow for their shipping industries," the newswire reported. The measures will include a system to monitor the reflagging practice. The G7 states are to impose a price limit on Russian oil carried by sea on Wednesday. According to Politico, tankers from some European countries continue to carry the cargo under the flags of China, Turkey, India or tax havens.
The volume of cargo turnover along the Northern Sea Route in 2022 is expected to reach around 34mn metric tonnes, which is 2mn more than the planned figures of the corresponding federal project, Rosatom CEO Alexey Likhachev announced in November. "This year, we expect the cargo turnover along the Northern Sea Route to be around 34mn metric tonnes. This is 2mn metric tonnes higher than the target figure in the corresponding federal project on the Northern Sea Route. In terms of Russian cargo transportation, Russian shippers - it is around 800,000 metric tonnes more than the record-breaking figure of last year," Likhachev said in his report to the president. By 2035, transportation along the Northern Sea Route will exceed 200mn metric tonnes. The overall macroeconomic effect will exceed RUB33 trillion rubles ($543.49bn), Likhachev specified. "We expect corresponding tax revenues of over 13 trillion rubles," he concluded. Rosatom's CEO also stated that in the near future, more than 70 ice-class vessels - both icebreaking and cargo - will be built to assure export and domestic transit.
The cargo turnover of Russian seaports will be flat in annual terms by the
125 RUSSIA Country Report December 2022 www.intellinews.com