One of the many issues I have with the #Yale paper on #sanctions effects is their take on Russian FX reserves, which the authors claim are "bleeding out fast". The chart is in dollars, the reserves are not. The dollar appreciated by 10%. You do the math! 🤷 
Will use this thread for more minor issues in the #Yale paper. Not crucial, but corroborates overall impression:
- 725bcm is Russia's total, not Gazprom.
- gas dependency chart is based on secondary source (ING), not the latest Gazprom data.
- the 83% "Europe" includes Turkey.
- 725bcm is Russia's total, not Gazprom.
- gas dependency chart is based on secondary source (ING), not the latest Gazprom data.
- the 83% "Europe" includes Turkey.
For some reason, the #Yale paper claims that Power of Siberia was financed by China, while in fact it was fully financed by Gazprom. 🤔
Also, the dividend decision was basically a tax maneuver by the Russian government: Gazprom will pay a special tax that coincidedes with the planned record dividend. I couldn't find the "massive capital expenditures" in the linked CNBC (...?) article.
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