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Finance Ministry Accelerates Federal Budget Spending

RUSSIA
  • Russia's Finance Ministry ramped up federal budget spending to almost RUB 2trln in the first two weeks of February from an estimated RUB 2.7trln in all of January, Vedomosti report. Daily spending averaged RUB 150bln in the two weeks, 65% more than a year earlier, as the ministry paid substantial advances on government contracts, the newspaper write.
  • Major banks in the United Arab Emirates have restricted settlements with Russia and have begun closing the accounts of Russian-owned companies and individuals due to the risk of secondary sanctions, Vedomosti report. Similar action was taken last week by banks in Turkey and China.
  • PPI data is the highlight on the local slate this week. There are no major economic releases on the docket today. Foreign Minister Sergei Lavrov begins his trip to Latin American with a visit to Cuba.

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