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Draft Amendments Exempt Some Oil Products from Export Ban

RUSSIA
  • Russia’s Energy Ministry has prepared draft amendments that exclude bunker fuel, gasoils and some middle distillates from the export ban imposed last week, according to documents seen by Bloomberg. The draft keeps the key restrictions that ban exports of most gasoline and diesel. Russia imposed a temporary ban on exports of motor fuels last Thursday amid a sharp hike in domestic prices.
  • Russia's Economic Development Ministry expects the USD/RUB exchange rate to stabilise at 90-92 in the middle of 2024, according to a forecast reviewed by the government on Friday and published on the ministry's website. "An increase in the inflow of foreign currency on the current account along with the continued diversification of its currency structure will facilitate the strengthening of the ruble at the end of 2023 and the first half of 2024" the ministry forecast said.
  • The government plans to raise prices for gas produced by Gazprom and its subsidiaries for industrial consumers by 10% from December 1, according to Vedomosti.
  • The following data is on the docket this week:
    • 27/09: Industrial Production (Est: +4.2% y/y; Prior: +4.9%)
    • 27/09: Retail Sales (Est: +10.0% y/y; Prior: +10.5%)
    • 27/09: Unemployment Rate (Prior: 3.0%)
    • 29/09: Current Account Balance 2Q Final

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