... Competition and Low Prices Currently, about 95% of deals in the small wholesale market (the final consumer market) take place offline, as described above. Key players are not eager to change this situation: large manufacturers are focused on long-term contracts with big clients, while traders, in an environment of "low visibility," can dictate terms to customers and maintain high price levels. Therefore, the consumer in the small wholesale market (which represents 3 trillion rubles a year,...

... Investor Days Inter RAO (IRAO): The company is hosting an Investor Day where management will present strategic plans, key projects, and financial results. As a major player in Russia's electricity market, Inter RAO may disclose developments in export contracts, energy innovations, and sustainability approaches. This information is crucial for assessing the company's long-term appeal. Sberbank (SBER): Russia's largest bank is also holding an Investor Day. Sberbank is expected to highlight digital transformation ...

... boosted the interest margin but necessitated increased provisions. Nevertheless, the bank navigated the expensive money period successfully, maintaining profit growth and asset quality. Now, following a decrease in the rate to 18% (July 2025), a slight contraction in margins and relief in debt burdens for borrowers is expected in the second half of the year. The outlook for 2H2025 appears balanced overall. On one hand, a gradual easing of monetary policy may lead to moderate growth in interest income....

... needs fuel on short notice, but may not have the full amount to pay for the order. Each industry has its reasons for cash flow gaps when purchasing fuel. For example, among our regular customers are companies involved in road construction for state contracts. Payment for these comes through treasury accounts after the project is completed. Once they receive the funds, companies pay their fuel suppliers and other contractors. But without fuel, they can't complete the project and receive payment. ...

... the United States. American authorities announced permission to make payments for energy resources despite existing sanctions restrictions. This step is especially important for the Russian energy sector, which is heavily dependent on international contracts and payments. The lifting of restrictions on energy payments allows Russian exporters to work more flexibly with Western clients, simplifies payments for oil and gas supplies, and opens up access to new financial flows, which strengthens the ...