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G-7 Decide Against Outright Ban on Exports to Russia

RUSSIA
  • G-7 nations have decided against imposing a near-outright ban on exports to Russia and will instead widen existing restrictions on key goods, Bloomberg report according to people familiar with the matter. G-7 envoys had discussed flipping the existing sanctions regime around, with all exports barred unless exempted. Under the current criteria all exports are allowed unless sanctioned.
  • Russian Prime Minister Mikhail Mishustin will visit China on May 23-24, the Russian government said in statement, where he is scheduled to meet with Chinese President Xi Jinping and Premier Li Qiang. Cooperation in industry, energy, transport infrastructure, agriculture and other areas will be discussed, with the leaders planning to sign a number of bilateral agreements after negotiations.
  • Since the beginning of May, the value of CNY swap transactions has risen sharply, entrenching above the 6% p.a. level, Kommersant report. Market participants note that the high demand for the Chinese currency from importers is not being covered by the supply from exporters and the Finance Ministry.
  • There are no major data releases on the docket today.
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