Page 83 - RusRPTMar23

Full-year numbers conceal that the external environment is worsening rapidly. Russia’s trade surplus soared from an average $22.7bn per month in January- February 2022to $33.1bn in March on the back of robust energy export volumes and significantly elevated prices—before falling to a monthly average of $23.6bn in 2022Q4.
SSRN concluded there are now essentially two markets for Russian oil. In Europe where sanctions apply, there is a discount of around $20 to Brent on Russian oil as of December. However, the other market in the Pacific and Asian market where the sanctions don’t apply there is no discount at all and prices did not decline in the latter months of 2022. And in 2022 Russia was able to entirely reroute its oil business to the unaffected market.
83 RUSSIA Country Report March 2023 www.intellinews.com