Investor Presentaiton

Conclusions • By estimating the elasticity of substitution, we show that: ● . Russia and EU countries are complementary on China's market and this is increasingly the case over time. China and EU economies compete in Russia's market and increasingly so in more recent years. · Simulation results indicate that a 20% reduction in bilateral exporting price between China and Russia would reduce EU exports to these two countries by 4%, with most of the negative impact born by exports to Russia.

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