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Duma Council to Assess Anti-Crisis Measures

RUSSIA
  • Following yesterday’s Russia Day public holiday, the State Duma is back in session and today holds a roundtable on the impact of the government’s anti-crisis measures. The news follows confirmation that a number of high profile institutions will now stop dealing in Russian debt entirely after White House action last week. Bloomberg reported that both Goldman Sachs and JP Morgan are to withdraw from any trades including Russian debt.
  • As the global fertilizer and farming crisis extends, the US government is reportedly encouraging agricultural and shipping firms to increase their load of Russian fertilizer products, with sanctions pressure feeding directly into surging global food costs.
  • Peskov spoke to ITAR-TASS ahead of the St Petersburg International Economic Forum, stating that Russia will keep the formats of integration with friendly countries, resuming ‘neural networks’ which will become the new basis throughout the ‘unprecedented economic war’ against Moscow.
  • The CEO of VTB Bank stated that the Russian banking sector should be prepared for sanctions to last a long time, according to an interview with RBC.
  • Elsewhere, Vedomosti reports that domestic steel prices have fallen as much as 40% amid poor demand across the country as well as the strengthening RUB.
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