Ratings on Russian and CIS commodity producers were not significantly affected by COVID-19, but headroom has reduced. The key challenges for the global oil & gas sector are increased volatility and the energy transition. Given that the pandemic has hurt the fiscal position of sovereigns, governments could seek to raise taxes on national oil companies (NOCs) or cancel some of their benefits. Russian gas producers can withstand unprecedented 2020 pressures on gas exports thanks to profitable liquids,resilient domestic gas, fundamentally low costs, and capex cuts. Big global miners have not suffered as much from COVID-19 as big global oil, with solid financial frameworks and the rapid Chinese rebound being key supports. Russian metals and mining companies have significant flexibility to cut capex and dividends, which supports their ratings.