Bloomberg reported on the sale of Russian oil at prices twice lower than world prices, and analysts estimated VTB’s possible loss for the year at 500 billion rubles – these and other important news for Tuesday morning, January 10, in our daily review.

Russian Urals oil is selling at half the world price and below the limit set by the G7, Bloomberg reports citing data provided by Argus Media. Too sharp a drop in prices as a result of Western sanctions may prompt Moscow to respond by cutting production, which it has not ruled out in the past, Bloomberg writes.

Analysts at Alfa Bank forecast in their review that VTB Group’s net loss under International Financial Reporting Standards (IFRS) will exceed 500 billion rubles by the end of 2022, according to Kommersant. According to senior analyst Evgeny Kipnis, the assessment was made on the basis of the bank’s internal model. VTB itself does not comment on the estimates.

Russian oil companies managed to finish 2022 in the plus – oil production at its end increased by 2%, writes “Kommersant” with reference to sources familiar with the production results of companies. According to the newspaper, almost all major companies, except Rosneft (MCX:ROSN), increased production, but experts admit its decline in January-February with subsequent recovery.

The EU became the largest buyer of liquefied natural gas (LNG) in the world in 2022, the Financial Times reported citing data from Refinitiv. The EU imported 101 million tons of LNG – 58% more than it had in 2021. The EU’s share of the global market amounted to 24%.

Lukoil subsidiary Litasco S.A. agreed to sell ISAB S.r.L, which owns a large petrochemical complex in Italy, the Russian oil producer said in a statement on its website.