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Domestic Exporters Struggling to Sell FX

RUSSIA
  • Vedomosti report today that a number of Russian exporters are facing difficulty selling FX, according to government and Bank of Russia sources. The lack of demand for FX follows the sharp drop in imports due to sanctions pressure over the past few months – the report goes on to cite an example of exporters only being able to sell half of the required amount of FX “at best” via the MOEX last week, although the ease of restrictions from the BoR last week may have eased this pressure somewhat.
  • Ireland’s RTE reports that the Irish government have barred access to Ireland’s ports from all Russian registered vessels, with the move effective next Sunday. This brings Ireland in line with the broader EU decision.
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