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Authorities May Collect Exporters’ Exchange Rate Gains to Boost Budget

RUSSIA
  • The Russian authorities might use a new instrument to raise budget revenues by collecting a portion of exporters' exchange rate gains with an export duty linked to the ruble's exchange rate against the U.S. dollar, several sources familiar with the discussions told Interfax.
  • Bloomberg report that Russia’s government has been struggling to agree on a plan to curb rocketing fuel prices that balances the interests of refiners and consumers and its own desire to cut subsidies as it continues the war against Ukraine. While President Vladimir Putin said last week oil companies and officials reached an agreement, talks have dragged on, people with knowledge of the discussions have said.
  • China imported a record 10.54m tons of crude from Russia in August, surpassing the high set in June, according to customs data. That compares with 8.06m tons in July and 10.5m tons in June.
  • The Bank of Russia will report the weekly change in gold and FX reserves this afternoon. There are no other major releases on the docket for the remainder of the week.
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