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Thailand says it has deployed fighter jets, Cambodia claims Thai soldiers opened fire on the border

Translation. Region: Russian Federation –

Source: People's Republic of China in Russian – People's Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People's Republic of China – State Council News

Bangkok/Phnom Penh, December 8 (Xinhua) — The Thai military said Monday it deployed fighter jets in response to attacks from Cambodia that killed two soldiers and wounded four. Meanwhile, a Cambodian Defense Ministry spokeswoman said Thai soldiers opened fire on Cambodian forces for the second day in a row on Monday, adding that Cambodia did not fire.

According to Thai army spokesman Winthai Suwari, the incident occurred around 7:00 a.m. local time in Chong Bok area of Nam Yuen district when Thai soldiers operating in the area came under attack with "supporting fire," resulting in five casualties.

The deadly clash followed another incident in the neighboring district of Chong An Ma around 5:05 a.m. local time, when Cambodian troops opened fire with small arms and weapons, forcing the Thai side to respond in accordance with the rules of engagement, the Thai Armed Forces said in a statement.

In response to the losses and what was deemed a "direct threat to national security," the Royal Thai Air Force (RTAF) confirmed it had launched air operations targeting Cambodian military infrastructure.

"These events have necessitated the use of air power to deter and reduce Cambodia's military capabilities to the level necessary to protect national security and ensure the safety of civilians," said Thai Air Force spokesman Jakkrit Thammawichai.

On the same day, Deputy Secretary of State and spokesperson for the Cambodian Ministry of Defence, Lieutenant General Mali Socheata, said that at around 5:04 a.m. on Monday, Thai troops launched an attack on Cambodian forces in An Ses district of Preah Vihear province.

"They then continued to fire tanks at Tamoan Thom Temple, the 5 Makara area near Preah Vihear Temple, and the Chomka Chek area," she added. "It should be noted that this attack occurred after Thai forces had carried out numerous provocative actions over many days, especially the incident yesterday (Sunday) in the Prorlean Thamar area, with the aim of provoking clashes."

She said Cambodia "did not retaliate" during the two attacks and continued to monitor the situation vigilantly and with the utmost caution in the spirit of "respect for all previous agreements and the peaceful resolution of conflicts in accordance with international law."

In addition, she said, Cambodia has notified the ASEAN Observer Group about the incident and plans to ask it to conduct an investigation. –0–

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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China's foreign trade grew by 3.6 percent in the first 11 months of 2025.

Translation. Region: Russian Federation –

Source: People's Republic of China in Russian – People's Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People's Republic of China – State Council News

In the first 11 months of this year, China's total import and export volume in yuan terms increased by 3.6 percent year-on-year to 41.21 trillion yuan (approximately $5.82 trillion), according to data released Monday by the General Administration of Customs (GAC).

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Iran announced a new round of political consultations with Egypt.

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Source: People's Republic of China in Russian – People's Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People's Republic of China – State Council News

Tehran, December 8 (Xinhua) — Iran and Egypt have agreed to hold a new round of bilateral political consultations in the near future, Iranian Foreign Ministry spokesman Esmail Baghaei announced on Sunday.

Speaking at his weekly press conference in Tehran, E. Baghaei said the agreement was reached during a telephone conversation on Saturday between Iranian Foreign Minister Abbas Araghchi and Egyptian Foreign Minister Badr Abdel Ata. He did not specify when or where the consultations would take place.

The conversation focused on bilateral relations and recent developments in the Middle East, said E. Bagai, calling the decision to resume political consultations “an important development.”

Both foreign ministers expressed concern over Israeli military actions in Gaza and Lebanon, which they said continue despite ceasefire agreements with the Palestinian group Hamas and the Lebanese movement Hezbollah, according to a statement from Baghaei and the Iranian Foreign Ministry.

Iran accuses Israel of "continued aggression and repeated ceasefire violations" and calls on the international community to take immediate action to end Israeli military operations.

A. Araghchi and B. Abdel Atti also discussed Iran's nuclear program, with Tehran reiterating its position on the issue, the statement said. In a separate statement, the Egyptian Foreign Ministry said B. Abdel Atti called for the resumption of negotiations on the JCPOA (Joint Comprehensive Plan of Action on Iran's nuclear program), which would take into account the interests of all parties and strengthen regional security and stability.

B. Abdel Aty made the same call during a phone call on Friday with International Atomic Energy Agency (IAEA) Director General Rafael Grossi, Egypt said in a statement.

Iran and Egypt severed diplomatic relations in 1980 following the Islamic Revolution in Iran and the signing of a peace treaty between Egypt and Israel the previous year. In recent years, both sides have expressed a willingness to improve relations.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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The IMF established a regional center in Shanghai.

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Source: People's Republic of China in Russian – People's Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People's Republic of China – State Council News

SHANGHAI, Dec. 8 (Xinhua) — The International Monetary Fund (IMF) on Monday officially launched its regional center in Shanghai, with IMF economist Johannes Wiegand taking over as director.

The Shanghai center, one of a series of regional centers established by the IMF around the world, is expected to expand the IMF's engagement with the Asia-Pacific region, the IMF said.

The new institution will serve as a hub for research and knowledge sharing that will provide policy advice in relevant areas to emerging market and middle-income countries, the statement said.

As noted in the statement, the center also aims to deepen dialogue and external relations with member countries, regional institutions and other stakeholders in the region.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Polytechnicians win dance gold

Translation. Region: Russian Federation –

Source: Peter the Great St. Petersburg Polytechnic University –

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While the session is just approaching the doors of the classrooms, Polytechnic University students from the Student Club's PolyDance studio are already taking their dance exams. The LPH Crew, led by choreographer Ksenia Akulova, successfully represented the university at the Northern Champ open contemporary dance championship in Petrozavodsk.

The team had to compete against the strongest dance teams not only from St. Petersburg and the Leningrad region, but also from Karelia. In a highly competitive environment, our team achieved a convincing victory, taking first place in the Dance Show category.

The new House number, "The Pursuit of Attention," was a triumph, captivating the jury with its energy, coherence, and original choreography.

"When creating the routine, I focused not only on technique but also on conveying unbridled energy. The jury's high praise confirmed that we achieved this goal. Participating in the championship allowed me, as a director, to gain valuable experience from choreographers from other cities, and the team to shine in a competitive environment," shared Ksenia Akulova, head of the PolyDance studio.

"When staging the number, our goal was not only to demonstrate high-quality technique but also to convey the special atmosphere and concept of the number, and I think we succeeded brilliantly!" said third-year GI student Dana Nurgazieva.

2025 was a year rich in awards for the LPH Crew. In April, they took part in the All-Russian dance championship Just Dance Festival in St. Petersburg and took third place in a new category—Best Contemporary Crew Beginners. A few days later, the team took second place in the All-Russian competition and festival.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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Chinese demand for air tickets to Russia has increased exponentially following the abolition of visas to Russia.

Translation. Region: Russian Federation –

Source: People's Republic of China in Russian – People's Republic of China in Russian –

An important disclaimer is at the bottom of this article.

Source: People's Republic of China – State Council News

Beijing, December 8 (Xinhua) — On December 1, Russia introduced a visa-free regime for Chinese citizens based on the principle of reciprocity. Chinese citizens with regular passports will now be able to enter Russia visa-free and stay for up to 30 days. The announcement immediately sparked a stir among Chinese tour operators and has clearly increased Chinese interest in traveling to Russia. Experts are already predicting that the visa-free regime to Russia coincides with the approaching traditional winter tourism season in China, which marks long-awaited holidays such as the Gregorian New Year, the Spring Festival (Chunjie Festival, the Lunar New Year), and the school winter holidays. This could mean that the flow of tourists from China to Russia could break all previous records for the same period.

WARMING UP THE CHINESE'S ENTHUSIASM FOR TRAVELING TO RUSSIA

Despite Chinese tourists' leading position in Russian inbound tourism in recent years, visa-free entry with a maximum stay of 30 days per entry has become a catalyst for further activating the Chinese outbound tourism market to Russia, opening the door to a huge potential audience curious about the vast neighboring country. Chinese travel agencies, like barometers of tourism activity, have recorded both a significant and rapid increase in demand for air tickets to Russia.

Fliggy, a travel platform popular among Chinese youth and part of tech giant Alibaba, reported unprecedented excitement: in just less than an hour after the announcement of visa waivers, demand for flights to Russia soared more than ninefold compared to the previous day, and the number of bookings jumped sixfold.

Meanwhile, Qunar, the world's largest Chinese-language travel platform based in Beijing, noted an explosive increase in interest: on December 1, as of 5 p.m. Beijing time, searches for flights from Hangzhou to St. Petersburg had sharply increased by 4.6 times compared to an hour before the announcement of visa-free travel to Russia, for flights from Beijing to Moscow by 44 percent, and for flights from Guangzhou by two times, and from Shenzhen and Chongqing by more than 30 percent.

Following the visa abolition, leading tour operators published data showing that the top five cities for tour requests to Russia included Beijing, Shanghai, Guangzhou, Chengdu, and Harbin, while the most popular Russian cities for Chinese tourists were Moscow, Murmansk, St. Petersburg, Vladivostok, and Irkutsk.

INCREASE IN DEMAND FOR WINTER TOURS TO RUSSIA

Industry insiders in China agree that the approaching peak winter tourism season and the visa waivers to Russia are creating a synergistic effect, powerfully boosting demand for winter tours to Russia. Wu Chen, chairman and president of Ecwalk, the largest travel agency in Guangzhou, predicts demand for tours to Russia will increase by more than 30% this winter.

In anticipation of the 2025/2026 winter season, Utour, a leading player in China's outbound tourism market, has pre-launched a range of themed ice and snow products, the highlight of which is a Northern Lights hunting tour to Murmansk.

Meanwhile, in the southern Chinese province of Guangdong, the country's leading destination for international travelers, many travel agencies are actively promoting products based on the exotic and vibrant Russian tourism landscape. Among the new magnets for Chinese travelers are the shimmering splendor of the Murmansk aurora borealis and Lake Baikal, renowned in China as the crystal-clear "eye" of Siberia.

The equally reputable Chinese tour operator Tongcheng /ly.com/ reports that demand for air tickets to Russia on their platform has actually been steadily growing since early November, while hotel bookings in Russia as a primary destination have soared by 40% compared to the same period last year. Adapting to changing market conditions, the company is now offering not only trips to northern lights spots near Murmansk, Petrozavodsk, and Naryan-Mar, but also exclusive niche products for discerning customers, such as snowmobiling, whale watching in the Arctic Ocean, and reindeer immersion.

Furthermore, many tour operators anticipate an exponential increase in cross-border tourist trips through the Heilongjiang Province checkpoint, which is separated from Russia by the Heilongjiang (Amur) and Ussuri (Ussuri) rivers. They are confident that, thanks to the convenience of mutual visa-free travel, Chinese tourists, especially those from southern China, will eagerly and enthusiastically complement their winter adventures in the outskirts of Northeast China with a border crossing to enjoy the exotic beauty of their neighboring country.

The Changing Profile of Chinese Tourists in Russia

Numerous industry analysts have concluded that visa waivers for Chinese citizens entering Russia are not just a short-term benefit, but rather the key to unlocking the boundless potential for deepening cultural and tourism cooperation between the two countries.

They suggest that the tangible convenience offered by this innovation could radically alter the structure of tourist flow from China to Russia, transforming the landscape of the Chinese-Russian tourism market. This will manifest itself in three new, distinct features: the elite nature of routes and services, the thematic focus of tourism products, and, finally, a rejuvenation of the traveler contingent.

Simply put, while the industry previously catered primarily to organized groups of retirees or elderly people from China seeking budget options, Russia is now facing a more discerning and affluent audience who prefer independent travel.

As analysts explain, the extremely low entry barriers, affordable prices, and the coincidence of vacations with favorable tourist seasons make Russia a magnet for young Chinese travelers among international tourism destinations. This new generation, hungry for knowledge and experiences, values comfort and impeccable service, and seeks adventure and deep, authentic experiences. The domestic outbound tourism market will see budget tours rapidly give way to mid-range and premium segments.

Furthermore, as many tour operators note, visa-free travel will provide a powerful impetus for educational and informational tourism, the organization and holding of conferences and fairs, and business and official trips between China and Russia, which will undoubtedly strengthen mutual understanding and ties between the peoples of the two countries.

Meanwhile, Chinese and Russian experts urge against lumping all visitors together. They believe the interests of Chinese travelers remain multifaceted and vary by age: young people tend to choose original, niche, and comfortable tours, while members of the middle generation prefer classic excursions to iconic cities, and the older generation gravitates toward "red tourism" to sites associated with the revolutionary history of the Communist Party. Against this backdrop, industry players need to focus on diversifying, detailing, and optimizing their offerings, while simultaneously improving the quality and efficiency of their services.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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The Day That Changed the World Map: The Belovezh Accords and the Collapse of the USSR

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Source: Official website of the State –

An important disclaimer is at the bottom of this article.

On December 8, 1991, at the government residence of Viskuli in Belovezhskaya Pushcha (Belarus), the heads of the three union republics, Boris Yeltsin (RSFSR), Leonid Kravchuk (Ukrainian SSR) and Stanislav Shushkevich (BSSR), signed the Agreement on the establishment of the Commonwealth of Independent States.

New chapter

The Agreement was signed by the leaders: Gennady Burbulis from Russia, Vyacheslav Kebich from Belarus, and Vitold Fokin from Ukraine. The meeting was held in strict secrecy and under the protection of a special unit.

The document's preamble contained a key provision: the USSR as a subject of international law and a geopolitical entity ceases to exist, and Article 1 of the Agreement stated: The High Contracting Parties shall form a Commonwealth of Independent States. The document declared the parties' desire to develop cooperation in the political, economic, humanitarian, and cultural spheres. Article 14 designated Minsk as the "official seat of the coordinating bodies of the Commonwealth."

Parade of Sovereignties

On December 10, 1991, the Agreement was ratified by the parliaments of Ukraine and Belarus. On December 12, it was approved by the Supreme Soviet of the RSFSR, chaired by Ruslan Khasbulatov, who called on deputies to support the document. On the same day, the Russian parliament denounced the Treaty on the Formation of the USSR.

Only seven of the 246 members of parliament voted against ratification, five abstained, and 34 did not participate in the vote.

However, a number of deputies pointed out that, according to Article 104 of the 1978 Constitution of the RSFSR, such decisions should have been made by the Congress of People's Deputies, and not by the Supreme Soviet, since the matter concerned changing the state structure.

In April 1992, the Fifth Congress of People's Deputies of Russia refused three times to ratify the Agreement and remove references to USSR laws from the Constitution of the RSFSR. This standoff became one of the causes of the conflict between the president and parliament, which culminated in the dissolution of the Congress in October 1993. Only on December 25, 1993, with the adoption of the new Constitution of the Russian Federation, was the legal connection with the USSR finally severed.

Against the will of the people

In September 1998, Ruslan Khasbulatov noted at a State Duma committee meeting: "The document has not been ratified. From a constitutional perspective, this was a matter for the Congress. And what the Supreme Soviet adopted could only be advisory in nature." In 2003, the State Duma Committee on CIS Affairs concluded that the Russian Federation was not de jure a founding member of the CIS, since the Agreement had not been ratified by the highest authority of the RSFSR.

On December 21, 1991, in Alma-Ata, eight more republics joined the Agreement, bringing the total to 11 of the 15 former Soviet republics. On December 25, 1991, Mikhail Gorbachev announced the end of his term as President of the USSR. Thus, the Soviet Union ceased to exist, even though, in a March 1991 all-Union referendum, 76.43% of citizens of nine republics voted to preserve the USSR as a renewed federation. However, the decision to dissolve it was made without their participation by the then political elites.

The disaster of the century

On December 8, 1991, the Belovezh Accords ended the USSR. The country suffered unprecedented territorial losses without any war.

In his address to the Federal Assembly of the Russian Federation on April 25, 2005, President Vladimir Putin called the collapse of the Soviet Union the greatest geopolitical catastrophe of the century. For the Russian people, the dissolution of the USSR was a true tragedy, resulting in tens of millions of former citizens and compatriots finding themselves outside Russian territory and nearly triggering the disintegration of Russia itself.

In 2008, Belarusian President Alexander Lukashenko voiced a similar position, emphasizing that the demise of the USSR led to the collapse of the established bipolar global system. It was expected that the end of the Cold War would allow for a reduction in military spending and the redirection of the freed-up resources toward addressing pressing global issues, including food security, energy, and the environment. Instead, the planet entered an era of intense competition for control of energy resources and an active redistribution of spheres of influence, which continues to this day.

The wild 90s

Moreover, President Vladimir Putin has repeatedly pointed out the social and demographic failure associated with the collapse of the Union, comparing the decline in the birth rate in the mid-1990s with the situation in 1943–1944, when people died en masse on the fronts of the Great Patriotic War.

Indeed, in 1989, the USSR State Statistics Committee calculated that by the end of 2015, the population of the RSFSR would grow from 148.3 million to 165.7 million. Taking into account the slowdown in population growth, by the end of 2021, the Russian population would reach at least 169.4 million, or 171.9 million citizens including Crimea. In reality, the permanent population of Russia as of January 1, 2023, was 146.4 million, excluding Novorossiya, which had returned to its home port. This means that approximately 25 million people were lost to the poverty and wars of the post-Soviet period, not including the victims of the coronavirus epidemic. It took more than three decades to pull the country out of this catastrophe.

Subscribe to the "Our GUU" Telegram channel. Publication date: December 8, 2025.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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PhosAgro's Board of Directors approved the progress of the company's key investment projects on November 20, 2025.

Translation. Region: Russian Federation –

Source: Phosagro – Phosagro – An important disclaimer is at the bottom of this article.

Moscow. November 20, 2025. The Board of Directors of PhosAgro PJSC, one of the world's leading producers of phosphate-based mineral fertilizers, approved the progress of the company's key investment projects at its meeting today.

As Alexander Gilgenberg, CEO of PhosAgro, reported in his report, systematic work continues at all PhosAgro production facilities to complete the 2025 development strategy. For the second year in a row, the company will invest approximately 70 billion rubles. As a result, the following projects have already been completed this year:

In March, the next stage of development of the aluminum fluoride plant in Cherepovets was completed. Production of aluminum fluoride increased by 4.5 thousand tons per year to 79 thousand tons;

· In May, gas piston units with a capacity of 28.8 million kWh per year were launched in Balakovo as part of a project to develop in-house electricity generation;

In June, the second production line of the SK-20/1 sulfuric acid plant in Balakovo was launched. Sulfuric acid production increased by 750,000 tons per year, making the production complex 100% self-sufficient in sulfuric acid.

In April-June, pilot production of mineral fertilizers commenced in Balakovo as part of the third-stage development project, which involves the creation of a flexible production scheme for MAP, DAP, NPK, and NPS fertilizers using the best available technologies. After completing all three stages of modernization and reaching full capacity, the production capacity of this production complex is expected to increase by almost 1 million tons of product per year (compared to 2024 levels) to 3.5 million tons of fertilizers in demand by Russian farmers.

As part of the ore resource development program, underground mining of the Rasvumchorr Plateau deposit began in October at the Kirov branch of JSC Apatit (part of the PhosAgro Group). The new mine is expected to reach its design capacity of 6 million tonnes of apatite-nepheline ore per year in 2034.

In October 2025, a phosphogypsum conversion plant was commissioned in Balakovo using new technology developed by JSC NIUIF. It processes phosphogypsum and hydrofluorosilicate acid (by-products of wet-process phosphoric acid production) into an ammonium sulfate conversion solution, followed by processing into a granulated product with partial substitution of sulfuric acid.

The Board of Directors reviewed information on the financial results of PhosAgro PJSC for the first nine months of 2025, including the interim consolidated financial statements under IFRS.

Reports were also heard on the status of occupational health and safety at organizations within the same group as PhosAgro, on the results of monitoring the Company's key risk management in the third quarter of 2025, and on key aspects of ensuring cybersecurity at enterprises within the same group as PhosAgro. The Board of Directors postponed consideration of the Company's development strategy to 2030 until a future meeting.

In addition, the Board of Directors approved the transactions concluded by the Company in which there is an interest, reviewed the information from the chairmen of the committees of the Board of Directors of the Company on the work of the relevant committees in the third quarter of 2025 and on the organization of the self-assessment of the work of the Board of Directors for 2025.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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PhosAgro publishes operating and financial results for the first nine months of 2025. November 20, 2025

Translation. Region: Russian Federation –

Source: Phosagro – Phosagro – An important disclaimer is at the bottom of this article.

Moscow. November 20, 2025. PhosAgro Group (hereinafter "PhosAgro" or the "Company"; ticker on the Moscow and London Stock Exchanges: PHOR), a Russian vertically integrated company that includes one of the world's largest producers of phosphate-based mineral fertilizers, today publishes its consolidated interim condensed financial statements for the nine months ended September 30, 2025.

Key performance indicators for the first 9 months of 2025

Agrochemical production increased by 4.3% year-on-year to 9.15 million tonnes. This increase was primarily driven by a 5.5% increase in phosphate fertilizer and feed phosphate production to 7.02 million tonnes. Total agrochemical sales increased by 2.9% year-on-year to 9.35 million tonnes. Revenue for the first nine months of 2025 amounted to RUB 441.7 billion, up 19.1% year-on-year. The company's EBITDA was RUB 145.7 billion, up 17.9% year-on-year. Adjusted EBITDA increased by 34.2% year-on-year to RUB 164.3 billion. Free cash flow increased more than 50% to RUB 59.0 billion. Net debt as of September 30, 2025, amounted to 254.5 billion rubles. The net debt to EBITDA ratio (for 12 months) at the end of the reporting period decreased to 1.28x.

Key financial and operational indicators:

Revenue 441,736 371,035 19.1% EBITDA * 145,663 123,523 17.9% EBITDA margin 33.0% 33.3% EBITDA adj.** 164,289 122,412 34.2% Net profit 95,692 64,817 47.6% Net profit, adj.*** 89,270 72,986 22.3% Free cash flow 59,018 35,991 64.0% 09/30/2025 12/31/2024 Net debt 254,522 325,356 Net debt/EBITDA for 12 months 1.28 1.84

* EBITDA is calculated as operating profit minus depreciation.

** Adjusted EBITDA is defined as EBITDA excluding exchange rate differences from operating activities.

*** Adjusted net profit is defined as net profit excluding gains or losses from exchange rate differences.

Comments on the financial indicators for the first 9 months of 2025

The company's revenue for the first nine months of 2025 increased by 19.1% year-on-year. This growth was primarily due to increased production and sales of phosphorus and nitrogen fertilizers in the Russian and international markets.

The company's EBITDA for the first nine months of 2020 amounted to 145.7 billion rubles, 17.9% higher than the same period in 2024. This year-over-year increase was positively impacted by growth in sales volumes and prices. However, the figure was under pressure from the non-cash effect of exchange rate differences arising from the strengthening of the ruble against the US dollar.

Adjusted for this effect, EBITDA for the first nine months of 2025 amounted to RUB 164.3 billion, 34.2% higher than the figure for the same period last year.

EBITDA yield for the first nine months of 2025 was 33.0%. This level of profitability was achieved by the high efficiency of the company's production assets, increased production of high-margin fertilizers, a flexible sales policy, and a high level of self-sufficiency in raw materials.

Free cash flow (FCF) for the first nine months of 2025 amounted to RUB 59.0 billion, an increase of more than 50% compared to the same period last year. This figure was driven by increased operating profit (due to increased sales volumes at higher prices on global markets), higher sales margins, and a cash inflow from working capital totaling over RUB 4 billion.

The company's working capital dynamics during the reporting period were impacted by an outflow of funds for accounts receivable and accounts payable in the third quarter. This outflow was due to changes in exchange rates, shipments of products to the domestic market based on previously received advances, and continued high sales volumes to Latin American markets.

The company's high profitability and prudent approach to investment (the internal capital expenditure target is no more than 50% of EBITDA) enable it to effectively manage its debt burden. As of the end of the first nine months of 2025, the company's net debt amounted to RUB 254.5 billion, and the net debt/EBITDA ratio at the end of the period was 1.28x.

This level of the indicator is comfortable for the company and allows it not only to service its current debt, but also to actively manage the structure of its borrowing portfolio in terms of currencies, terms, and interest rates.

Among the most recent transactions in the public debt market, one can note the issue of bonds in the amount of US$250 million with a 3-year term and a 7% coupon, the order book for which was successfully closed at the end of September, and the placement itself was completed in early October.

This transaction is consistent with the Group's debt policy of raising foreign currency financing and provides borrowings secured by the company's foreign currency revenues. The funds raised will be used to refinance existing debt, and the significantly lower coupon rate, compared to the cost of ruble borrowings, will reduce interest payments across the Group's entire debt portfolio.

The company's high credit quality is confirmed by credit ratings from leading Russian agencies at the country ceiling level of "AAA".

Phosphorus-containing fertilizers and feed phosphates 7,019.5 6,655.0 5.5% Nitrogen fertilizers 1,938.4 1,902.6 1.9% Other products 196.8 221.5 -11.2% TOTAL agrochemical products 9,154.7 8,779.1 4.3% Phosphorus-containing fertilizers and feed phosphates 7,166.8 6,985.7 2.6% Nitrogen fertilizers 1,986.1 1,878.1 5.8% Other products 198.1 220.5 -10.2% TOTAL agrochemical products 9,351.0 9,084.3 2.9%

Comments on operating indicators for the first 9 months of 2025

The production of agrochemical products for the first 9 months of 2025 increased by 4.3% and amounted to 9.15 million tons.

The main increase in production was in phosphate fertilizers (DAP, up 47.2%; NPK, up 11.9%; and MSR, up 24.7%). These growth figures are due to the completion of commissioning and the ramp-up of output in Balakovo. The production capacity of this production complex, after completing all three modernization phases and reaching full capacity, is expected to increase by almost 1 million tons of output per year (compared to 2024 levels).

The increase in production volumes of the main raw materials – phosphoric and sulfuric acids – provided the company’s production capacity with the necessary raw materials.

Nitrogen fertilizer production volumes increased by 1.9% due to the optimization of production processes at existing facilities.

The company's fertilizer sales for the first nine months of 2025 increased by 2.9%, driven by improved production performance, the Group's highly efficient distribution network in Russia, and the strong position of the company's products in global markets.

Phosphate fertilizers accounted for the bulk of sales growth. DAP sales for the first nine months of 2025 increased by 35.7% year-on-year. This fertilizer was in high demand in Southeast Asian markets, as export restrictions in China reduced supply in the region. The supply shortage and low carryover inventory levels led to higher prices in India and ensured higher sales margins compared to other markets.

Taking advantage of the favorable market conditions, the company was able to redirect additional volumes of fertilizers to the Indian market and increased sales in this area by almost 2.5 times over the first nine months compared to the previous year.

Moreover, sales volumes to India in the third quarter of 2025 increased more than 12-fold compared to the same period last year.

The 6.2% increase in NPK sales in the first 9 months of 2025 was due to both good demand in the Russian market and the growth of production capacity in Balakovo.

Among the export markets with the highest growth rates of shipments over the first 9 months of 2025, the African market stands out, with sales to it growing by 16.1%.

Fertilizer market in Q3 2025

During the third quarter of 2025, the upward price trend in nitrogen and phosphate fertilizer markets continued, driven by growing seasonal demand in key export destinations, particularly in South Asia (India) and Central and South America. The need to replenish low carryover stocks in the Indian market and the reduction of phosphate fertilizer export quotas from China (relative to 2024 quota levels) further supported prices in the phosphate and nitrogen fertilizer markets.

By the middle of the third quarter, global fertilizer prices reached peak levels and began to gradually adjust as the main phase of seasonal procurement ended and the affordability of fertilizers decreased relative to prices of key agricultural products.

The average price level for DAP/MAP in Q3 2025 was $736/t, FOB, Baltic, compared to the average price level of $662/t, FOB, Baltic in Q2 2025 and $570/t, FOB, Baltic in Q3 2024.

The average price level for urea in Q3 2025 was $426/t, FOB, Baltic, compared to the average price of $360/t, FOB, Baltic in Q2 2025 and $307/t, FOB, Baltic in Q3 2024.

Outlook for Q4 2025

The global fertilizer market in Q4 was characterized by stable demand from India, especially in the urea market, but a decrease in demand from Latin American markets due to the end of the fertilizer purchasing season.

The resumption of restrictions on fertilizer exports from China, combined with rising global prices for key raw materials (ammonia, sulfur), will curb the downward price trend in fertilizer markets.

Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.

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PhosAgro presented its projects to support science and higher education at the 5th Congress of Young Scientists on November 28, 2025.

Translation. Region: Russian Federation –

Source: Phosagro – Phosagro – An important disclaimer is at the bottom of this article.

Sirius. On November 28, 2025, PhosAgro presented its projects to support science and higher education at the 5th Congress of Young Scientists. At the forum's plenary session, Denis Novikov, CEO of Apatit JSC (part of the PhosAgro Group), and Olga Ivaschenkova, Lead Engineer of the Geological Institute of the Kola Science Center of the Russian Academy of Sciences, reported on the company's work in this area to Deputy Prime Minister Dmitry Chernyshenko.

This year, the key annual event of the Decade of Science and Technology was held under the theme "The Energy of Science: From the Potential of Knowledge to Creating the Future." More than 9,000 participants gathered at the Sirius Federal Park. These included leaders of leading scientific schools, representatives of educational organizations, government agencies, and major industrial partners.

As moderator of the plenary session, Deputy Prime Minister Dmitry Chernyshenko emphasized that, according to the Ministry of Economic Development, Russia's nominal GDP will reach 315 trillion rubles by 2030. Research spending should increase by 2% of GDP, or more than 6 trillion rubles. The government is counting on the support of business and the industrial sector in this important endeavor.

"Young scientists are our main driver. We're betting on them. Friends, you're not only bursting with new ideas, but you're also inspiring everyone—including your mentors, whom you surprise and delight with your results. Many young researchers are already leading their own teams—for example, running youth laboratories," noted Deputy Prime Minister of the Russian Federation Dmitry Chernyshenko.

PhosAgro, one of the congress's industrial partners, presented its own stand at the event, covering all areas of support for science and education, as well as cutting-edge youth outreach projects. The Group includes NIUIF, Russia's only and one of the world's leading specialized research institutes for fertilizers and agrochemistry. PhosAgro collaborates with the Russian Academy of Sciences and Innopraktika to develop innovative solutions. PhosAgro also devotes significant attention to research in agrobiotechnology at the Sirius University of Science and Technology, where the company supported the opening of the Life Sciences laboratory complex, one of the largest in Russia. PhosAgro also supports young researchers through projects with leading international organizations and specialized Russian universities, and is establishing a higher school for training mining engineers at a branch of Murmansk Arctic University in Apatity.

"PhosAgro is a leading supplier of mineral fertilizers to Russian farmers and customers in 100 countries. And we know from experience that science is essential in a highly competitive environment. While science may go unnoticed in production, its absence has immediate consequences. Over the past 10 years, we've doubled our fertilizer output. This is the result of extensive investment in development and R&D – over 70 billion rubles annually. This comprehensive work is bearing fruit. Ten years ago, we had 25 fertilizer brands; today, we have 58. As part of our development strategy through 2030, we plan to expand our product range to 100 brands. Furthermore, we have patents for the production of a full line of bio-based NPK fertilizers. These contain beneficial microorganisms that help plants better absorb nutrients. These are truly breakthrough technologies, and completely domestically produced," said Denis Novikov, CEO of Apatit JSC.

One of the panel session's experts was Olga Ivaschenkova, a researcher at the Kola Science Center of the Russian Academy of Sciences—the largest federal research center north of the Arctic Circle. It is home to the highest levels of expertise in earth sciences, including geology, mining, raw material extraction and processing technologies, and chemical processing. Throughout its history, the KSC's most important technological partner has been the Apatit Plant and the PhosAgro Group as a whole. With PhosAgro's support, the KSC established a Research Center for the detailed study of mineral composition and further improvement of apatite-nepheline ore processing efficiency. Olga Ivaschenkova works there in the Apatite-Nepheline Deposit Ore Mineralogy Group.

"I perform in-depth petrographic and mineralogical analysis of process samples. My task is to identify 'hidden' rock properties that affect ore beneficiability. We work to extract as much useful material as possible from the ore, while maintaining the high quality of the final product (apatite concentrate)—even if the ore composition changes. Over three years, we've analyzed 3,500 samples. Based on the results, we create a 3D model of geological and technical mapping of the deposits being developed, which the company uses to plan ore extraction with a more accurate assessment of the parameters. This isn't just abstract research. Our work directly impacts the extraction and processing of exceptionally pure apatite-nepheline ore mined by PhosAgro. It's used to produce environmentally friendly phosphorus-containing fertilizers. Today, it's especially important that the results of scientific research aren't confined to laboratories, but find real-world applications. "The relationship between the Kola Science Center and PhosAgro, and the company's support in this regard, is unique. I am proud that our scientific work makes a real contribution to ensuring food security and the economic and technological sovereignty of our country," emphasized Olga Ivaschenkova, Lead Engineer at the Kola Science Center of the Russian Academy of Sciences' Geological Institute.

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