In April, Russian industrial production dropped by 6.6% year on year, which is better than both consensus (-10.5%) and our more optimistic expectations (-8.0%). Looking at the sectoral breakdown, there are several highlights from the data: Export-driven sectors so far have shown reselience with oil and gas production declining only by 1.1% YoY in April and metals extraction up 1.1% YoY. Other natural resources extraction showed sizable drops, although the share of those in overall commodity extractions are small for Russia. Manufacturing of oil products and other chemicals (admittedly, driven not only by external ... (full story)