All right, Alexander, let's do an update on the Russian economy.

What is happening with the Russian economy?

I think the last mini update that we did on the economy was following Putin's state of the nation address.

If you want to call it an update of the Russian economy, where

we touched upon how Putin is feeling very confident about the Russian economy, and he's

able to now plan things out five to ten years in advance. Anyway, what is the situation

today with the Russian economy?

Well, we've had a slew of further data for January and February, and it's interesting.

First of all, production in January was higher than in January of last year. There is a dip. There is always a dip in

January. Industrial production, economic activity in Russia is always lower in January than it was in

December. And it's not difficult to understand why people are out shopping, buying things in

December, because the holidays are coming, the new year holiday,

Christmas holiday. And if you're talking about the big industrial companies, they're all busy,

they're all busy fulfilling their orders for the end of the year. So there's usually a big

industrial surge in December. So there's usually also a dip in

January, but it was quite a shallow dip by today's, but by, you know, usual typical Russian

standards. And production was significantly higher in January of this year than it was in January of last year, which has already

remember a year of recovery.

But we're now getting first indications about February, and it looks like the economy is

accelerating again.

And there's been a jump in PMI numbers. They went up from,

you know, in manufacturing PMI, it went up from, I think, 52. I remember anything above 50,

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