... (~769 billion rubles in H1 2024). Commercial expenses (~682 billion rubles) include costs for gas transportation through the system (including export duties and tariffs), sales expenses, and other implementation costs. Administrative expenses (~81 billion ... ... for currency revenues in Russia). Interest expenses are likely to remain high, given the tight monetary policy of the Central Bank of Russia; however, new sharp spikes are not expected unless the company increases its debt. Tax policy and regulatory risks....