Russian industrial production dropped 3.7% year-on-year in February, which is a deterioration vs. the upwardly revised -1.9% YoY (from an initial -2.5% YoY) seen in January and a material underperformance vs. -2.0% YoY Reuters consensus. Meanwhile, the result is still better than our conservative forecast of -4.8% YoY, which was based on expectations of restrained economic activity and adverse calendar effect related to the 2020 leap year. We have the following takeaways: • To remind, any first estimate of Russian industrial production needs to be taken with a pinch of salt, as it does not incorporate data from small ... (full story)