Page 57 - RusRPTFeb23

$2,281 per thousand cubic meters in the third quarter to $1,400 per thousand cubic meters on average in the fourth quarter.
“In the fourth quarter of 2022, it was more than three times higher than the average for the fourth quarter over the previous five years. Thus, world and export gas prices remained at a high level,” the CBR said.
Non-oil export of goods and services
There was a redirection of non-oil and gas exports of a number of goods from European to Asian markets. At the same time, it was held back by weakening demand due to expectations of a global slowdown as a result of the polycrisis.
According to Eurostat, the volume of coal supplies from Russia to the EU in the fourth quarter fell to zero due to a complete ban on its import to the EU from August 10,” the CBR said. “At the same time, demand for Russian coal increased from Asian countries and Turkey, attracted by discounts.”
The drop in the physical volume of ferrous metals supplies to the EU from Russia increased to 68% y/y in October (vs 3Q22 -60% y/y), according to Eurostat.
“At the same time, the contraction of exports to the EU was completely compensated due to the reorientation of supplies to other states,” the CBR said. “The export of services, especially transport, in the fourth quarter of 2022 continued to be constrained by a decrease in the physical volume of deliveries of goods, the closure of airspace, restrictions in the field of maritime and road transport.”
Import of goods and services
The value of imports of goods and services continued to recover in 4Q22. The contraction narrowed to 9% y/y (vs 3Q22 -13% y/y).
“The dynamics improved due to the replacement of the dropped supplies from the EU through the expansion of imports from other “friendly” countries.
The volume of deliveries of goods to Russia by value based on World Bank from the EU almost halved y/y in October, mainly due to machinery, equipment and vehicles import declines. At the same time, the value of deliveries to Russia from China increased by more than a quarter y/y in October-November. Those from Turkey also almost doubled y/y in terms of the value of deliveries of goods to Russia in October-November.
Increased support for the import of goods through the mechanism of parallel imports grew. In October, the list of goods for parallel import was expanded. Alcoholic and non-alcoholic drinks, a number of trademarks of chemical industry products, electrical equipment, measuring instruments, and so on were added to the list, the CBR reports.
“According to the head of the FCS of Russia V.I. Bulavin, since the beginning of the parallel import mechanism (since May), goods with a volume of 2.4mn tonnes worth more than $20bn have been imported, primarily cars, machine
57 RUSSIA Country Report February 2023 www.intellinews.com