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Russian producers saw a solid Q1
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Russian producers set for good year

First quarter results thus far point to a solid recovery. The rest of the year could be even better

It is clear, midway through the Russian oil and gas reporting season, that there has been a solid rebound in the first quarter of 2021 after a 2020 devastated by the Covid pandemic. Revenue and Ebitda are up by 11-23pc and 14-66pc quarter-on-quarter, respectively, for the companies that have reported. And we expect favourable oil prices (+32pc year-to-date), a weaker rouble due to geopolitical risks, and Opec+ easing production curbs—+2-4pc year-on-year production growth is anticipated for Russian oil firms—to provide a strong basis for full-year 2021 financials. Russian companies are highly likely to return to investors’ radars, given they are trading at 50pc profit-to-earnings discounts to



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