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China Reopens Major Russia-China Land Port

RUSSIA
  • Eight land ports connecting China with Russia and five other countries reopened passenger links on Sunday, CCTV reported. The Manzhouli-Zabaikalsk Highway port, a major link between China and Russia, was among the facilities to reopen, People’s Daily said. It was closed in April 2020.
  • According to the Finance Ministry, oil price of $50/bll in 2023 will reduce the expected oil and gas budget revenue by a quarter, or by RUB2.1t, Kommersant report.
  • Russia has imposed export duties on fertilizers until the end of 2023, Interfax reports. The rate has been set at 23.5% for fertilizers with a price above $450 per tonne.
  • Looking ahead this week, CPI data is on the docket on Friday (Exp. +12.20% Y/Y; +1.05% M/M). There are no notable data releases or speakers scheduled today.

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