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Russian exports of gasoline and cross-border supplies of diesel by rail and road are still prohibited, Deputy Prime Minister Alexander Novak said on Monday. On Sept. 21 Russia temporarily banned most exports of gasoline and diesel to cope with a domestic market shortage, with pipeline operator Transneft (TRNF_p.MM) halting diesel shipments from Primorsk from Sept. 22. TASS news agency cited a spokesman for Transneft as saying that the oil pipeline monopoly had restarted diesel exports on Saturday. Of that, 3.5 million tons of gasoline and 6.6 million tons of diesel were exported by rail, according to the LSEG data. Since the ban was introduced, wholesale diesel prices on the local exchange have fallen by 21%, while gasoline prices are down 10%.
Persons: Vasily Fedosenko, Alexander Novak, Pavel Sorokin, Russia's, Vladimir Soldatkin, Natalia Chumakova, Kirsten Donovan, Susan Fenton Organizations: Irkutsk Oil Company, REUTERS, Baltic Sea's, TASS, RBC, Diesel, Thomson Locations: Russian, Irkutsk Region, Russia, Baltic, MOSCOW, United States, Primorsk, Russian Baltic
But it's not all good news for Russian companies: Due to sanctions, their profits grew just 6% on-year. That's nearly double the 655 trillion rubles Russian companies made in 2021, per the tax service department's statistics. In particular, Russian energy giant Gazprom posted record profits in the first half of 2022, prompting Moscow to impose windfall taxes on the company. Russia's energy revenues have also been hit heavily by restrictions against its exports, particularly after the European Union — a major customer of Russian energy — banned Russian crude oil starting December 5. In the first quarter of 2023, Russia posted a deficit of almost 2.4 trillion rubles — sharply reversing a surplus of more than 1 trillion rubles in the first quarter of 2022.
Persons: That's, it's, , Andrei Belousov Organizations: Service, RBC, Gazprom, European Union, RBC TV Locations: Ukraine, Russia, Moscow
Russia will slap windfall taxes on large companies making over 1 billion rubles in profits since 2021. Russia approved a draft bill to slap up to a 10% one-off windfall tax on large Russian companies, according to a Tuesday announcement by the country's finance ministry. "They understand that they had huge windfall profits for 2021 and 2022, simply massive, bigger than the budget," Belousov said, per Interfax. This instance isn't the first time Russia's imposing windfall taxes to fund the war in Ukraine. Russia's energy revenues have also been majorly hit by sweeping restrictions against its exports, particularly after the European Union — a major customer of Russian energy — banned Russian crude oil starting December 5.
Persons: , It's, Andrei Belousov, Belousov, Timur Nigmatullin Organizations: RBC TV, Service, RBC, Financial Times, Gazprom, European Union Locations: Russia, Ukraine
A Russian defense advisor recently revealed that Russia uses Iranian-made drones in Ukraine. Both Russia and Iran have denied that Tehran's suicide drones are being deployed in Ukraine. Ruslan Pukhov, who is also a military expert, recently joined Russian Business Channel (RBC TV) for a television interview. Pukhov appears unaware that the show is already on the air, and he reveals before the interview gets started that Russia has been using Iranian-made suicide drones, even if the Kremlin isn't acknowledging it. In addition to the Shahed-136, Russian forces have also deployed Iranian-made Shahed-129, Shahed-191, and Qods Mohajer-6 drones.
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