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At the same time, Gazprom will lose its biggest customer as the European market shuts down Russian gas imports as fast as it can. Gazprom’s profitability will be sorely tested in the coming decade as it attempts to create an new pipeline infrastructure that runs to Asia, almost from scratch that will cost tens of billions of dollars.
Given the exhaustion of the surplus and the fact that Vladimir Putin asked to design the budget in such a way as to maintain both macroeconomic stability and national projects, it is not entirely clear how Gazprom will finance the investment program, The Bell reports.
2.7 Russia on course to smash all records with this year’s grain harvest
Russia is on track to smash all previous records with the size of this year’s grain harvest. Russian President Vladimir Putin said that the bumper harvest could be as big as 150mn tonnes this year on September 27.
The previous record was set in 2018 when Russia brought in 138mn tonnes, beating all previous records, including those set in Soviet times.
Russia’s government has invested heavily in agriculture in the last decade and dramatically improved yields to become the world’s biggest grain exporter.
20 RUSSIA Country Report October 2022 www.intellinews.com