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CBR Rate Decision in Focus Amid Worsening Inflation Developments

RUSSIA
  • Russia is set to produce about 642bcm of natural gas this year, Pavel Zavalny, who chairs the energy committee at the Duma, said at a gas forum in Moscow. Fully replacing the lost European gas market with export supplies elsewhere is going to be a challenge, he said, adding that planned gas pipelines to China will allow to Russia “to a large extent” replace the lost western markets by 2030.
  • Russian oil companies sharply increased marine exports of diesel fuel in the first two weeks of December bringing it to the level of 1m bpd, Kommersant report.
  • Attention turns to the CBR rate decision (1130GMT/1330 local time) where recent inflation dynamics will likely justify another rate hike following a 200bp increase in October. Governor Nabiullina will hold a press conference following the decision at 1300GMT/1500 local time. See our full preview here.

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