Additional oil revenue continues to go to subsidized refineries OGD for October: 971 billion (+9% y/y), 10M26: 6,442 billion (-14% y/y) Oil and gas production for the month of October, according to our estimates, is somewhat lower than would be expected at such oil prices, which is likely related to a decrease in production. This is confirmed by the dynamics of the extractive industries (-4.1% in September) The situation with oil and gas revenues does not change (NGD for September) - with very high oil prices, the budgetary revenues are very moderate, which is related to huge payments for Damper (already 415 billion per month), which with the prohibited export of petroleum products, can be seen as a subsidy to the refineries. In November, the Ministry of Finance expects an additional 391 billion. NGD; Considering the October NGD shortfall of 78.5 billion, purchase of foreign currency through BP from 9.11 to 4.12: 312.6 billion rubles or 15.6 billion rubles per day; Total currency purchases: 15.1 billion rubles per day compared to 12.1 billion in October Export revenues from extremely high oil prices, taking into account the lag, will continue to flow into the market at least until the end of the year, which will support the ruble.

Additional oil revenue continues to go to subsidized refineries OGD for October: 971 billion (+9% y/y), 10M26: 6,442 billion (-14% y/y) Oil and gas production for the month of October, according to our estimates, is somewhat lower than would be expected at such oil prices, which is likely related to a decrease in production. This is confirmed by the dynamics of the extractive industries (-4.1% in September) The situation with oil and gas revenues does not change (NGD for September) - with very high oil prices, the budgetary revenues are very moderate, which is related to huge payments for Damper (already 415 billion per month), which with the prohibited export of petroleum products, can be seen as a subsidy to the refineries. In November, the Ministry of Finance expects an additional 391 billion. NGD; Considering the October NGD shortfall of 78.5 billion, purchase of foreign currency through BP from 9.11 to 4.12: 312.6 billion rubles or 15.6 billion rubles per day; Total currency purchases: 15.1 billion rubles per day compared to 12.1 billion in October Export revenues from extremely high oil prices, taking into account the lag, will continue to flow into the market at least until the end of the year, which will support the ruble.