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Australia Imposes More Sanctions on Russian Entities, Individuals

RUSSIA
  • Australia has imposed targeted sanctions on 35 entities in Russia’s defense, technology and energy sectors, and 10 individuals, including Ministers and senior officials, and senior military personnel in Belarus, according to a statement.
  • The US has information that the Russian military may expand targeting of Ukraine grain facilities that could include attacks on civilian shipping in the Black Sea, National Security Council spokesman Adam Hodge said. Russia announced yesterday that all ships proceeding to Ukrainian ports in the Black Sea will be considered to be potential carriers of military cargo.
  • Russian copper stocks on LME exchanges have more than halved since January; at the same time, stocks of other Russian non-ferrous metals, nickel and aluminum, increased significantly, Kommersant report.
  • There are no major economic releases today. Looking ahead to tomorrow, the CBR rate decision is the key domestic risk of the week. Since the June rate decision, inflation has continued to climb toward the Bank’s 4% target while a weak RUB, which has lost almost 30% of its value against USD YTD, continues to pose upward risks to inflation. Therefore, the CBR are likely to hike its key rate at this juncture having held steady in the previous six consecutive meetings.

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