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BoR Loosen FX Terms, As Expected

RUSSIA
  • Izvestia reports that Russia’s tax service has proposed local companies use cryptocurrencies when processing import/export payments with so-called ‘friendly’ nations. The piece adds that the finance ministry partially supports the proposals.
  • Late yesterday, the Bank of Russia eased the mandatory FX sales condition on some exporters in Russia, extending the term from 3 days to 60 business days. This applies to non-natural resources firms and non-energy sector exporting companies for now, with the terms to last until September 1st. The move had been trailed in recent weeks, as the BoR look to rein in on excessive RUB strength.
  • The Vice Foreign Minister for China has said his country will continue to strengthen strategic ties with Russia, pledging to safeguard the common interests of the two countries and promote a new type of international relations.
  • India remain a key buyer of Russian crude and source of hard currency, with state-run refiners looking to negotiate private deals to obtain better pricing, rather than go through the public tender process. This has allowed India to buy crude of several different Russian grades, including Urals, Sokol and ESPO.
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