OPEC told the European Union that it is impossible to substitute oil from Russia, and Alexei Kudrin said that the official forecast of GDP decline will be more than 10% – these and other important news for Tuesday morning, April 12, in our daily review.

The Organization of Petroleum Exporting Countries (OPEC) told the European Union that current and planned sanctions on Russia could create one of the worst oil supply shocks in history. It will be impossible to replace Russian oil, Mohammed Barkindo, secretary general of the oil cartel, said, Reuters reported citing the text of his speech at a meeting with EU representatives.

The Ministry of Finance and the Ministry of Economic Development are clarifying the forecast for Russia’s GDP for 2022, said Alexei Kudrin, chairman of the Accounts Chamber, at a meeting of the budget committee of the Council of the Russian Federation. According to him, the official forecast of decline will be more than 10%, writes “Kommersant”.

Nokia announced that the company is winding down its business in Russia. The company’s press release notes that the decision “will not affect the financial outlook.” In 2021, Russia accounted for less than 2% of the Finnish manufacturer’s net sales. Given the strong demand seen in other regions, the company does not expect the decision to withdraw from the Russian market to affect its operations, Nokia said.

Japan’s Foreign Ministry approved the previously announced sanctions. Tokyo has been freezing the assets of Sberbank (MCX:SBER) and Alfa Bank since May 12 and imposing restrictions against 398 individuals and 28 entities. Japan has banned new investments in Russia. In addition, Minister of Economy, Trade and Industry Koichi Hagiuda announced that the country will impose an embargo on timber from Russia starting April 19.

VTB (MCX:VTBR) reduced rates on cash loans – on average by 3 percentage points (p. p.). Subject to insurance and an additional discount of 0.4 p. p. for applying on the bank’s website or in its mobile application, the minimum rate will be 15.9% per annum, Forbes reports.