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CBR to Accelerate FX Selling as Eurobond Payments Near

RUSSIA
  • The Bank of Russia are to accelerate the pace of their FX sales program in order to cover the repayment of Eurobonds – amounting to the CBR selling RUB 150bln across September 14th – 22nd, or RUB 21.4bln per day against the preciously planned RUB 2.3bln. The FX sales are to cover maturing Eurobond payments totaling $3bln on September 16th.
  • Foreign minister Lavrov heads to Indonesia for a summit later today, while a capital markets forum takes place in Moscow – a series of high profile government and CBR officials are expected to attend.
  • In response to the rallying oil price, the G7 and allies are to halt their regular reviews of the enforced Russian oil price cap, according to Reuters sources. The last review took place in March and there are no immediate plans to adjust the scheme, according to the report.

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