Russia will cut oil production by 0.5 million bpd as a part of the OPEC+ deal. Bloomberg reports that Saudi Arabia has extended its voluntary oil production cut of 1 million barrels per day (bpd). Other OPEC+ members have agreed on additional production cuts of 1 million bpd, the agency reports from the organisation's meeting. Russia will take 0.5 million barrels out of this volume.
The Kremlin continues to experience problems in receiving payment for oil exported to India. It has not yet been possible to replace dollars with another currency in settlements between Indian buyers and Russian oil exporters. India now consumes 60 percent of Russian oil exported by sea, but rupees are not a convertible currency and can be used almost exclusively in bilateral trade.
Russia has lost 76 passenger planes due to sanctions. The Minister of Transport, Vitaly Savelyev, announced this. In particular, the U.S. and the EU banned the supply of aircraft and components to Russia and obliged lessors to return aircraft already leased (their number, according to Bloomberg, was up to 40% of the Russian fleet).
Russia has had a harsh jump in bankruptcies among borrowers. According to the United Credit Bureau (UCB), as of November 2023, 9.79 million, or almost 20% of all borrowers of banks and MFIs, are potentially facing bankruptcy. The increase in bankruptcies will continue as consumer lending slows amid tighter regulation.
The biggest marketplace in Russia faces difficulties due to mass raids on employee evaders. Wildberries said the company's warehouse in Elektrostal, near Moscow, had been blocked, with more than 8,000 warehouse workers unable to start work due to law enforcement inspections. As a part of Operation Migrant, employees were checked for registration documents, identified as evaders from military service, and served with summonses.
