Andrei Illarionov, the Russian Presidential Economics Advisor, has announced tha ...

Andrei Illarionov, the Russian Presidential Economics Advisor, has announced that the ongoing crude export restrictions are costing Russia $300mn per quarter, reports UFG. The analyst comments that while Illarionov did not make clear whether he was referring to corporate or fiscal revenues or to the loss in GDP, ‘we absolutely agree with the implication of his statement which is that there is no point in Russia continuing its cooperation with Opec.’ UFG also points out that ‘even though Russia is not actually complying at all with its self-imposed cuts, it can increase exports by another 250,000 b/d if it fully loads the new capacity created following the commissioning of the Baltic pipeline system.’

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