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Budget Plans Up for Discussion as GDP Seen Troughing in Q4

RUSSIA
  • The government meet today to discuss budget plans for next year as well as the 2023-2024 period. Minimum wage proposals and the state of monetary policy are all set to be discussed. The meeting follows a statement from the economy minister yesterday, who forecasts GDP falling 2.9% this year, and sees the economy passing its lowest point in Q4.
  • Following a meeting between the Russian and Chinese foreign ministers at the UN, China Foreign Minister Wang said China will remain “objective and just” on the topic of Ukraine, and hopes that various parties will not give up efforts for dialogue. Lavrov is cited as saying that Russia is still willing to solve issues via dialogue and negotiations.
  • Social media reports show widespread protests across Russia yesterday in response to Putin’s call for partial mobilisation, with Russian airlines supposedly being barred from selling tickets to male passengers of military age.
  • The UK MoD write of yesterday’s partial mobilisation that Russia is likely to struggle even after mustering 300,000 extra troops, who are unlikely to be combat effective for months. They add that Putin is accepting considerable political risk and is effectively an admission that Russia has exhausted its supply of willing volunteers to fight in Ukraine.
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