What Kommersant, RBC, Vedomosti, Interfax and Forbes Russia report — selected and summarized in English every morning, for readers who don't read Russian. Analysis-grade sourcing, no wire rehash. Data context in the Russia Terminal. Also: Central Asia Digest · Caucasus wire.
The ruble weakened against the yuan as oil prices fell, while manufacturers reported weaker demand and the government changed gas taxation, petrochemical exports and pension savings rules.
The yuan strengthened on the Moscow Exchange on Monday, closing at 12.228 rubles, up 15.65 kopecks from the previous session, while the ruble declined amid a plunge in oil prices. The Central Bank set its official rate from 3 November at 80.9734 rubles per dollar and 90.4635 rubles per euro. Interfax cites an analyst who said current oil levels and large inflows of exporters' currency revenue continue to support ruble stability. Markets are also awaiting the Finance Ministry's report on additional oil and gas revenues for October, due on 5 November.
Source: Interfax, 2 Nov 2026
A survey by the Russian Union of Industrialists and Entrepreneurs (RSPP) found that 38% of companies named falling demand as the main constraint in the third quarter, up 5 percentage points from the second quarter. A shortage of working capital affected 36% (up 9 points), and 84% of respondents plan to cut costs, with 18% planning to reduce investment programmes. The S&P Global manufacturing PMI rose from 49.8 to 49.9 in October, but output has fallen for a third consecutive month. For foreign suppliers and investors, the data point to subdued industrial demand for equipment and inputs.
Source: Kommersant, 3 Nov 2026
From 1 November, the coefficient used to calculate the surcharge on the mineral extraction tax (MET) for independent gas producers increased from 2% to 5%. It is scheduled to rise to 8% from 1 August 2027 and to 11% from 1 August 2028. According to Interfax, the law adopted on 28 November 2025 removes additional income from independent producers and grants Gazprom a MET deduction. The State Duma passed amendments in first reading on 29 October to widen the calculation base; the Finance Ministry does not expect additional budget revenue from them.
Source: Interfax, 2 Nov 2026
The government introduced a temporary ban on exports outside the Eurasian Economic Union of benzene (coal and petroleum), toluene, ortho-xylene, para-xylene and phenol. The measure runs for three months and is intended to secure raw material supply to Russian industry. Transit shipments, humanitarian aid and supplies to Russian organisations on Svalbard are exempt. Foreign buyers of these products face reduced availability from Russia during the period.
Source: Interfax, 2 Nov 2026
The Finance Ministry has drafted a bill to move funded pension savings automatically into the long-term savings programme (PDS), Interfax reports, citing RBC. The bill covers funds of "silent" clients now managed by VEB and clients of private pension funds. It is to be submitted to the State Duma in early November, with automatic conversion starting on 1 April 2027. The PDS offers state co-financing of up to 36,000 rubles (about $445) a year for ten years, and deposits are insured up to 2.8 million rubles (about $34,600).
Source: Interfax, 2 Nov 2026
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