Shell and Gazprom Neft signed the relevant documents in December, but the deal required the approval of the Russian authorities.

It is noted that only bars that were deposited by clients in the bank are eligible for the buyback.

Earlier on Friday, the Bank of Russia informed that GDP dropped by 2.5% as of the end of the last year.

Alexander Novak's representative underlined that the production cut will only affect oil, excluding gas condensate.

According to another source, certain progress on these issues was reached at the end of last year but stopped in January.

"According to preliminary estimates, the volume of federal budget revenues in January 2023 amounted to 1.356 trillion rubles, which is 35% lower than the volume of revenues in January 2022," the Ministry of Finance says.

In 2021, Moscow exported 144.5 million tons of oil products, according to data provided by the Russian Federal Customs Service and the national statistics service Rosstat.

Price levels will be revised once in two months.

G7-Australia joint statement says price cap coalition intends to revise prices to ensure it continues to hit its targets.

The output of hard coal of all types decreased by 3.6% year-on-year to 348 mln metric tons.