- From 01 July 2024, Russia implemented an increase in domestic gas prices of per cent. This hike is almost certainly intended to increase revenue trom Russias domestic market, in response to the loss ot natural gas exports to turope. Inis was a consequence ot sanctions against Kussia for invading Ukraine, as well as Kussia intentionally reducing gas supply to turope in response. In 2023, Gazprom's net annual loss was approximately 629 billion rubles (USD $6.9 billion), its biggest annual loss in 25 years.
- Gazprom, one of Russia's state-owned energy companies, is considered to have a monopoly over the domestic gas supply market. Price rises are therefore regulated by the Russian government. This doesn't apply to other producers such as Novatek, which account for a smaller market share.
- Inflation in Russia is highly likely to remain above the Central Bank of Russia's target of 4 percent in the second half of 2024. This is partly due to increases in domestic as prices alongside other rising household bills and increased government spending - which is mainly driven by Russia's rising defence spending on the war in Ukraine. Gas orices for Russian households are estimated to have increased by nearly 34 per cent since the start of the invasion, despite Russia being the world's second largest producer of natural gas in 2023. These are due to rise a further 8.2 per cent in 2025, which will almost certainly add to inflationary pressures in Russia's economy andweaken spending power for ordinary Russians.
Latest Defence Intelligence update on the situation in Ukraine - 15 July 2024.
— Ministry of Defence 🇬🇧 (@DefenceHQ) July 15, 2024
Find out more about Defence Intelligence's use of language: https://t.co/qBu7ZgL3Tp #StandWithUkraine 🇺🇦 pic.twitter.com/1t3lr3rQaS
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