According to a source familiar with the situation, the Russian economy ministry has reduced its outlook for economic growth this year to 2.9% from 3.3%. A source in the ministry said the forecast was adjusted when "considering a more gradual withdrawal from the OPEC+ deal in particular". The IMF believes that new sanctions and the speed of the pandemic rollout have had an impact as well.
According to the source, the ministry has lowered its 2022 outlook from 3.4% to 3.2%. 2023 projections remained unchanged at 3%.
Increased its estimate for Urals oil price to $60.3 per barrel this year from $45.3 per barrel previously, while keeping the key rate at 5% or lower by year's end and inflation at 4.3%.
