Russia maintains a very high level of profits for its exports of oil, natural gas and coal. But this does not protect the Russian economy for four reasonsaccording to Natixis analysts.

Russia is suffering a lot from international sanctions

“As a result of the embargo on Western products, Russian imports have fallen sharply: Foreign currency earnings from Russia cannot be used to purchase goods and services“.

“The departure of Western companies and the embargo on technology imports have caused a sharp decline in the production of certain goods and services; the effects of the embargo will worsen over time.”

“Inflation is high and household consumption is declining considerably.”

“The cap that Western countries will put on the price of Russian oil will reduce the price of oil in the markets where countries still buy it.