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Gazprom Puts the Squeeze on Europe-bound Gas Prices

RUSSIA
  • Putin today holds his annual 'Direct Line' with Russian citizens, in which members of the public can call in to ask questions to the President.
  • Markets continue to suspect Russia is exerting pressure on European gas supply after Gazprom didn't take part in Ukrainian capacity auctions that would allow for freer access to Russian gas on the continent. In response, continental gas prices rose to a 13-year high and will squeeze European stockpiles that need refilling ahead of the winter. Markets and analysts suspect the move is a tactical ploy as Russia look to get their Nord Stream 2 pipeline rolled out across Europe.
  • Moscow Times writes that Russia have activated their S-400 missile systems placed in Crimea in response to the US-led NATO military exercises in the Black Sea. The move follows the continued troop build-up since the spring, as Russia look to balance military activity in the area against Ukraine/NATO drills involving 5,000 military personnel, 40 aircraft and 32 warships.
  • A number of data releases to take down Wednesday, with retail sales for May seen decelerating to 26.3% from 34.7%, with unemployment rate data also due (Exp. 5.1%). Weekly CPI also crosses, with all due at 1700BST.
  • Bank of Russia's Nabiullina appears at the International Financial Congress, with her address beginning at 1130 local time / 0930BST.
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