On December 27, Russian President Vladimir Putin signed a decree imposing retaliatory measures in response to the West's imposition of a price cap on Russian oil, prohibiting supply to buyers who have joined the restrictions since February.

Ust-Katav car-building plant CEO Roman Novikov also noted that there is serious cooperation with Iran on gas pumps.

The large-scale transformation of the economy will support the demand for loans, analysts suggest. Meanwhile, they expect the portfolio of corporate loans in rubles to grow by 15%, including those of SMEs - by 20%.

The government expects the year 2023 to be better than 2022 for the Russian economy.

The government was instructed to determine this date and adopt acts aimed at implementing the relevant ban.

It is added that the outbound tourism topic should not be given up.

Russian Deputy Prime Minister Alexander Novak noted that there is still gas deficit in Europe, so Russia is ready to resume supplies via the Yamal-Europe pipeline.

In particular, Gazprom is not allowed until October 1, 2023 to purchase gas and services from joint ventures with OMV and Wintershall Dea at a price above the one set by the Russian government, according to the decree.

As a result, the Russian economy, according to the Bank of Russia, may exhaust the current raw material export model in the long run, increasing the lag in technological progress.

In the reporting period Saudi Arabia ranked first with 80.38 mln metric tons of oil exported.