... more accurate to talk about stabilization rather than a price decrease. There are no systemic factors indicating a return to rising fuel prices at the moment, according to Kotov. Kaufman suggests that wholesale prices could start rising again if the export restrictions on gasoline are lifted earlier than planned or if new accidents occur at refineries. Tereshkin believes that oil companies will keep gasoline and diesel prices in check until the end of the year, but a price surge may occur in early 2025 ...

... largest importer of Russian coal: in 2023, it accounted for more than half of all exports—100.9 million tons, a 50% increase compared to 2022. Russian coal exports are also down to other regions. According to Kpler, which tracks maritime shipments, exports to India dropped by 11.5% in the first half of the year, to Turkey by 4%, and to South Korea by 1.7 times. The primary reason for the reduction in coal supplies to China is customs restrictions. Since January 2024, China has imposed tariffs of 6% on imports of energy coal and 3% on coking coal. "Chinese regulators took this step to support domestic producers who have significantly increased supply in recent years. Coal production ...

... maintaining the same level as in August. In a statement, OPEC announced that the decision is based on "stable prospects for the global economy and current market fundamentals, as reflected in low oil inventories." The Organization of the Petroleum Exporting Countries (OPEC), consisting of 12 member states, formed an alliance with ten other countries, including Russia, in 2016 to reduce oil production, known as OPEC+. This recent increase marks the end of voluntary restrictions of 2.2 million bpd that were agreed upon by several countries in November 2023. In April 2025, the eight countries began a gradual rollback of these restrictions and started to boost production; their aim was to offset the 2.2 million bpd ...

... diesel stood at 60,441 rubles per ton. Last year's fuel crisis demonstrated that oil companies could push exchange prices above 70,000 rubles per ton. However, to avoid losing subsidies, they compensate for rising costs in retail, where informal restrictions dictate that prices should not grow faster than inflation, especially during elections. After the federal election cycle ended in March 2024, retail fuel prices began rising rapidly. This trend may only be curbed through a renewed export ban, potentially starting in August. However, the fundamental drivers of price increases remain, including risks of supply cuts due to unplanned refinery repairs and reduced profitability of refining due to extended downtimes. Regulatory bodies ...

... to comply with ESG principles (environmental, social and governance responsibility). 4. Risks for investors As in any large business, investments in projects related to UMMC are associated with certain risks: Geopolitical instability: Sanctions and restrictions on foreign markets may complicate the export of products and affect the company's revenue. Price fluctuations for metals: Dependence on the global price of copper, zinc and rare earth metals may affect the company's profitability. Environmental requirements: Strengthening environmental regulations ...