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Frozen Russian Assets in Foreign Depositories at RUB5.7trl

RUSSIA
  • The Bank of Russia estimates that the volume of Russian assets frozen in foreign depositories sits at RUB5.7trl ($81b) as of Nov 30, Interfax reports. In recent months, Russian financial institutions have been actively seeking to obtain individual approvals to unlock client assets in Euroclear and Clearstream, but so far haven’t managed to get decisions from regulators of Belgium and Luxembourg.
  • Russia’s government published a decree detailing the rules behind a presidential ban of oil sales to foreign clients adhering to a price cap imposed by the US and several allies, Bloomberg reported late yesterday evening. Exporters of crude and oil products “must not allow” any references to the oil price threshold in their contracts and monitor any resales to make sure caps aren’t used.
  • Bloomberg report that India’s imports of Russian oil hit a record this month and are expected to climb even higher in February as the South Asian nation snaps up discounted barrels. Daily volumes reached 1.39 million barrels in January and preliminary data indicates flows amounting to 1.75 million barrels a day next month, according to Kpler.
  • There are no major economic releases scheduled today. Finance Minister Anton Siluanov will speak at a financial awards ceremony at 1100 GMT/1400 local time.
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