MNI China Daily Summary: Thursday, March 13

MNI BRIEF: China Has Been In Communication With U.S. On Trade

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MNI: PBOC Sets Yuan Parity Higher At 7.1728 Thurs; -0.64% Y/Y

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RUSSIA: Gas Exports to EU Through TurkStream Rises to New Record High in Feb

RUSSIA
CEEMEAEM BulletRussiaBulletEmerging Market News
  • Vedomosti run a piece, citing local economists, noting that even a slight easing of US sanctions against Russia will have a positive impact on the country's GDP and foreign trade, while also easing the tightness of the labour market and helping to slow inflation. The newspaper add that restrictions might first be lifted against air travel and shipments of resources, while the lifting of sanctions against the oil and gas industry remains less likely for now.
  • Russian gas exports to the EU through the TurkStream pipeline rose to another record high in February, growing 26% y/y to 1.55bcm, Vedomosti report citing estimates based on ENTSOG data. Average daily exports reached 55.4mcm, the highest figure since the pipeline was launched in January 2020, while “analysts” expect exports through this route to total 18 -19bcm in 2025, well above the pipeline's design capacity of 15.75bcm.
  • Meanwhile, S&P reported that India reduced imports after the imposition of new US sanctions against Russia's oil industry. Indian imports of Russian crude totalled in January and February were down 6.7% and 18.4% from the monthly average in 2024, however, Kommersant say imports from Russia are expected to normalise in the second half of the year.
  • President Vladimir Putin takes part in the annual meeting of the Interior Ministry board, while the Federal Statistics Service reports January macroeconomic data, including retail sales, unemployment rate and real wage data.
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  • Vedomosti run a piece, citing local economists, noting that even a slight easing of US sanctions against Russia will have a positive impact on the country's GDP and foreign trade, while also easing the tightness of the labour market and helping to slow inflation. The newspaper add that restrictions might first be lifted against air travel and shipments of resources, while the lifting of sanctions against the oil and gas industry remains less likely for now.
  • Russian gas exports to the EU through the TurkStream pipeline rose to another record high in February, growing 26% y/y to 1.55bcm, Vedomosti report citing estimates based on ENTSOG data. Average daily exports reached 55.4mcm, the highest figure since the pipeline was launched in January 2020, while “analysts” expect exports through this route to total 18 -19bcm in 2025, well above the pipeline's design capacity of 15.75bcm.
  • Meanwhile, S&P reported that India reduced imports after the imposition of new US sanctions against Russia's oil industry. Indian imports of Russian crude totalled in January and February were down 6.7% and 18.4% from the monthly average in 2024, however, Kommersant say imports from Russia are expected to normalise in the second half of the year.
  • President Vladimir Putin takes part in the annual meeting of the Interior Ministry board, while the Federal Statistics Service reports January macroeconomic data, including retail sales, unemployment rate and real wage data.