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Finance Minister Warns Russia Will Hit Back If Foreign Assets Seized

RUSSIA
  • Russia will give a “symmetrical” response to any actions by the US and its allies that target its frozen assets abroad, Finance Minister Anton Siluanov said in a state-run RIA Novosti news service. He didn’t specify which Western assets he meant, though RIA reported his answer was in response to a question on Russia’s frozen foreign reserves.
  • Wages in a number of sectors of the Russian economy could additionally increase by 20-30% this year due to government amendments to the Labour Code that the State Duma passed in the first reading last week, Kommersant report. The new laws require employers to pay overtime to workers taking into account not just their fixed salary, but also all other payments they are due, which can account for as much as 60% of total pay.
  • Sakhalin Energy, the operator of the Sakhalin-2 LNG project, is offering Chinese buyers 12 shipments of LNG per year for three to five years, Platts reported according to Kommersant. This amounts to almost 1 million tonnes of LNG, which is comparable to the offtake contract of Shell.
  • South Korea has tightened the ban on car deliveries, Kommersant report, and now applies the ban to all cars with engines over 2L. Last year, more than 30,000 Korean cars, mostly used, were imported into Russia.
  • Retail sales, unemployment rate, industrial production and manufacturing PMI figures are all on the docket later in the week.
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