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Default Risks, Inflation in Focus this Week as CPI Figures & $2bn Principal Payment Come Due

RUSSIA
  • USD/RUB BGN remains Unch so far this morning, having pulled back slightly from Thursday’s lows just shy of the 80.00 handle.
  • Default risks are in focus this week as more significant payments become due with $132m in interest and a $2bn principal due today.
  • This represents the most significant hurdle thus far, and will likely weigh on RUB strength if Russia finds difficulties paying in foreign FX.
  • Thus Far Russian has honoured all of its obligations, however. Europe continues to buck gas payments in RUB, while the Kremlin is exploring the expansion of RUB contracts to other industries to try to circumvent the effects of sanctions.
  • Efforts to nationalise part of Gazprom in the UK will also be monitored closely.
  • This week, Russia will produce March inflation figures, with headline expected to rise to 17% y/y & register a 7.85% m/m increase due to Western sanctions and embargoes.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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