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Authorities Discussing Targeting of RUB Rates

RUSSIA
  • Following similar comments from the SPIEF last week, Russian first deputy PM Belousov has said the contraction in Russian GDP could be less severe than current forecasts, and he sees a contraction of 3 – 5% against projections of 8%. Belousov also mentioned that the floating RUB is “essentially not working now” and that Russian authorities are discussing the targeting of the RUB rate.
  • Bloomberg write that China have replaced Saudi Arabia with Russia as their largest source of energy products, after boosting purchases to $7.5bln in one month, double the quantities purchased a year ago.
  • Finance minister Siluanov is to appear in front of lawmakers later today, where any comments regarding fiscal rules will be carefully watched. At the SPIEF last week, Siluanov stated that Russia are preparing to redraft their budget rules and switch fiscal governance policies to new rules from 2025. The redraft would surround a change in the proportion of government spending as part of the price of a barrel of Urals crude. The threshold currently sits at $42/bbl.
  • Poland are appealing for a seventh package of Russian sanctions measures, which would include a ban on technology exports, according to Welt am Sonntag. The appeals are to be made at today’s EU Foreign Affairs Council meeting.
  • Kommersant reports that the largest marketplaces across Russia are trying to organize the parallel import of goods from brands who have suspended work in Russia or decided to leave the country. New conditions allow certain luxury brands to circumvent restrictions. However, experts warn that due to difficult logistics, products supplied by parallel import will be 5-50% more expensive than before the outbreak of hostilities in Ukraine.
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