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USD/RUB Treads Water as  Gazprom Threatens Unfriendly States With Gas Embargoes

RUSSIA
  • USD/RUB treads water around the open this morning with price action having run into support in the 73.00-74.00 region in the past three sessions.
  • Yesterday’s threats of gas cut-offs against Poland and Bulgaria sparked a bout of risk-off and supported gas prices into the close and the start of today’s session (natgas +11.17%).
  • Although reports show flows may have resumed via the Yamal pipeline, Markets will be eyeing comments from Gazprom after it said today was D-Day for paying in RUB or unfriendly states would face additional cut-offs.
  • On the data front, Russia produces a raft of key numbers from March this afternoon – most reflecting the negative impact of the Ukraine conflict on economic activity.
  • Industrial production is expected to mark the most notable decline, followed by retail sales.
  • April 22 WoW CPI will also be monitored ahead of the CBR on Friday as initial supply-driven price rises have been seen moderating after the initial weeks of the crisis.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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