Russia may step up fuel exports to Asia in a bid to find alternative markets as European sanctions tighten, according to oil and gas consultancy FGE. More Russian-made naphtha, a fuel primarily used to make plastics, is likely to head into hubs such as Singapore and Fujairah from February when EU sanctions kick in. Six months into the conflict, costs are really piling up for Russia, disposable income of households has significantly dropped, inflation is higher than wage growth and according to the IMF the Russian economy is going to contract by 6% in 2022, and 3.5% in 2023.

For more on Russia’s economy, we spoke to Craig Erlam, who is a senior market analyst at OANDA in London.

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