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CBR Rate Decision in Focus, Oil Companies Cut Gasoline Exports

RUSSIA
  • The CBR are widely expected to keep rates unchanged at 16% at their meeting later today (10:30GMT/13:30 local time). An updated set of macroeconomic forecasts will be released alongside the policy statement. Governor Elvira Nabiullina will hold a post-meeting press conference at 12:00GMT/15:00 local time. Our preview for that meeting can be found here.
  • Russian oil companies are continuing to reduce exports of high-octane gasoline, which dropped 27% y/y in the period since the start of 2024, Kommersant report. Gasoline exports reached record highs in January 2023, but this year, given the equipment failure at Lukoil's Nizhny Novgorod oil refinery, companies have had to redirect shipments to the domestic market, the newspaper write.
  • According to data provided by Russia’s customs service, trade turnover between Russia and China totalled around $220bn in 2023, TASS report.
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