00:00 The Russian economy is still under pressure despite attempts to get out of the pressure related to the Western sanctions.
00:08 But the Russian economy remains under pressure, even after Russian President Vladimir Putin admitted to the pressure of inflation,
00:15 which Putin admitted, and said that if inflation rises, it will be practically impossible to put work plans.
00:22 Inflation figures indicate an increase in Russian bank targets by more than 1%
00:28 The recorded inflation rate in August rose to 5.2% compared to the target of the Central Bank, which is estimated at 4%.
00:38 Russia, in an attempt to contain these levels of inflation, raised interest rates by 12% to 12%, adding 350 points of one-time payment, in the latest increase in interest rate.
00:54 We also saw sharp declines in the ruble compared to the US dollar. The ruble declined by 25% since the beginning of 2023.
01:05 We also look at the numbers related to economic effects as a result of the sanctions.
01:11 At first, we have seen at the level of oil and gas revenues, the Russian Ministry of Finance expects to have a 23% decline in oil and gas revenues to reach nearly 96 billion dollars.
01:27 But what happened in the first half of this year, was a decline of 37.4 billion dollars and a 47% decline in the actual oil and gas revenues.
01:42 We also see expectations in the balance of the deficit record of 3 trillion rubles, which is 2% of the total market share for Russia.
01:55 The Russian Minister of Energy also said that his country will reduce production in the oil and gas sector.
02:02 The oil production will decline by 4.4% to reach 642 billion cubic meters. Oil production will also decline by 1.5%.
02:13 This decline in oil production may be a voluntary part, which is clear during the current period.
02:19 There were agreements with the OPEC countries to reduce production, and Russia is committed to reducing production by 500,000 per day, in addition to voluntary reductions of 300,000 per day.
02:31 Why? To support the prices, to get back to Russia, which may benefit, even though the prices of raw materials have risen,
02:38 and to sell them to countries that spend their oil and try to support their budgets, and not to have big losses,
02:48 although estimates indicate that the equitability price in Russia's budget reaches $114 per barrel.
02:55 Russia also pressures the Western countries, which applied the 11th Section of the UNESCO's sanctions in June,
03:01 by withdrawing from the Black Sea agreement to export grains, and complicating the export process from the Ukrainian side, and also raising prices.
03:12 So, and through what we see from Russia and its economy, which is under pressure,
03:19 smog remains an important factor for Russia, which Putin has recognized as a major challenge.
