Products and Services

Natural Resources

Oil & Gas

The Russian oil and gas sector is a phenomenon on a truly global scale. In terms of oil, Russia has the seventh largest reserves in the world and comes second in the list of exporters, while in gas it is the world’s leading exporter, backed up by the biggest reserves anywhere on the planet. Five Russian integrated oil companies (Rosneft, LUKOIL, TNK-BP Holding, Surgutneftegaz and Gazprom Neft) account for 73% of total Russian crude output. Gazprom and NOVATEK together account for 88% of total Russian gas output.

Companies under coverage

Bashneft, Gazprom, Intergra, CAT oil, Eurasia Drilling Co, OAO TMK, Chelpipe, Lukoil Holding, Novatek, Surgutneftegaz, Tatneft, TNK-BP Holding, Alliance Oil


Metals & Mining

Russia’s metals and mining sector is one of the largest in the world: in terms of production, the country is the world’s number one for nickel and palladium, number two for aluminium and platinum, fourth for steel and fifth for iron ore mining. Moreover, Russia has the world’s richest iron ore content reserves and the second largest gold reserves. The majority of the mining sector, however, remains non-public. Among the public miners are Norilsk Nickel (the world’s largest nickel producer), Raspadskaya and Belon (coal producers) as well as Polyus Gold and Polymetal (gold producers). The steel sector is more public, with five leading steel producers (Evraz, MMK, Mechel, NLMK and Severstal) being public and accounting for some 75% of total steel production in Russia.

Companies under coverage

Evraz Group, Alrosa, Polyus Gold International, Highland Gold, High River Gold Mines Ltd., Petropavlovsk, Norilsk Nickel, Polymetal, Polyus Gold, Raspadskaya, Belon, Rusal, Mechel, Novolipetsk, Magnitogorsk, Severstal


Contact Information
Wiktor Bielski
  • Wiktor Bielski
  • Global Head of Commodities Research
  • Tel.: +44 (0)_ 20 3334 8000
  • Fax: +44 (0)_ 203 334 8900
  • E-mail: wiktor.bielski@vtbcapital.com
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Wiktor Bielski
  • Wiktor Bielski
  • Global Head of Commodities Research
  • Tel.: +44 (0)_ 20 3334 8000
  • Fax: +44 (0)_ 203 334 8900
  • E-mail: wiktor.bielski@vtbcapital.com


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