Foreign correspondent, formerly of Reuters

Moscow
Joined May 2013
MOSCOW, July 24 (Reuters) - The Russian central bank cut its benchmark interest rate to 14% on Friday from 14.25%.
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Goldman Sachs > Globally, we expect real GDP growth to slow to 2.5% yoy in 2026 amid lingering headwinds from the rise in energy prices from the Iran conflict.
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Goldman > Brent might rise above $120/bbl in 2026Q4 if Hormuz remains disrupted.
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JPMorgan makes a good point > The question is no longer whether crude barrels will return, but how quickly the global refining system can process them.
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> Russia’s refining system has spent the last three months absorbing repeated Ukrainian drone strikes that have damaged refineries, storage facilities, and increasingly the complex secondary conversion units that determine product yields.
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> RU refinery runs have fallen to 3.8 mbd in June, 1.5 mbd below the start of the year, making Russia one of the largest contributors to today’s exceptionally weak global refining activity. RU alone accounts for roughly 20% of the 8.2 mbd decline in global refinery runs this year
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MOSCOW, July 2 (Reuters) - The average Russian oil price used for taxation purposes declined in June to $63.52 per barrel, down by almost 27% from the previous month, according to economy ministry data published on Thursday, due to a decline in global oil prices.
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