The Russian Monitor Weekly Newsletter

The report highlights a shift to dovish rhetoric from Putin following a peaceful May 9 parade, alongside weak financial performance from Gazprom and deflationary pressure in the Russian consumer market.

Key Takeaways

• 1.President Putin adopted a uncharacteristically dovish tone during a post-Victory Day press conference, suggesting the end of the Ukrainian conflict is near.
• 2.Gazprom's 2025 financial results showed significant weakness with record negative free cash flow of $12bn, likely precluding dividends for years.
• 3.Russian weekly consumer inflation has unexpectedly entered negative territory, suggesting weak consumer pricing power despite elevated expectations.

Table of Contents

• Markets This Week
• Quote of the Week
• This Week's Executive Summary
• Moscow WWII Victory Parade This Year
• Putin Sounded Dovish In Post-Parade Press Conference
• Gazprom 2025 Results
• Inflation Looks Tamed
• Company News / Miscellaneous
• Russian Market - Key Indicators
• Best and Worst Performers
• Share Price Performance on the Moscow Exchange and Key Valuation Metrics
• Select Markets of Former Soviet Union Republics: Georgia, Ukraine, Kazakhstan
• Sector Performance
• Disclaimer

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