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GDP Contraction Accelerated in May

RUSSIA
  • Interfax write that Russian GDP slipped 4.3% on a Y/Y basis for May – an acceleration of the negative growth seen at April’s -2.8%. The main factors behind the negative growth are transportation, logistics constraints and falling domestic demand, according to the piece that cites estimates from the economy ministry.
  • On the accession of Finland and Sweden to NATO, Putin commented that Russia has ‘no problems’ with Sweden or Finland, like it has with Ukraine, meaning they are welcome to join NATO if they want.
  • Putin added that if NATO decides to place military personnel and infrastructure in Sweden and Finland, Russia will respond in kind, although did add that the enlargement of NATO via Sweden and Finland is a “totally different thing” compared with the potential expansion of NATO in Ukraine.
  • Russia’s foreign ministry has told Norway it will take "retaliatory measures" unless it allows EU-sanctioned goods to resume flowing through Norwegian checkpoints to Russian settlements in the Svalbard archipelago in the high north, according to Reuters.
  • On interbank lending, RBC writes that the volume of interbank lending fell by 27.2% compared to the levels seen before the Ukrainian invasion, prompting market participants to review limits and no longer lend in FX.
  • Putin today meets the Indonesian President Widodo in Moscow.
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  • Interfax write that Russian GDP slipped 4.3% on a Y/Y basis for May – an acceleration of the negative growth seen at April’s -2.8%. The main factors behind the negative growth are transportation, logistics constraints and falling domestic demand, according to the piece that cites estimates from the economy ministry.
  • On the accession of Finland and Sweden to NATO, Putin commented that Russia has ‘no problems’ with Sweden or Finland, like it has with Ukraine, meaning they are welcome to join NATO if they want.
  • Putin added that if NATO decides to place military personnel and infrastructure in Sweden and Finland, Russia will respond in kind, although did add that the enlargement of NATO via Sweden and Finland is a “totally different thing” compared with the potential expansion of NATO in Ukraine.
  • Russia’s foreign ministry has told Norway it will take "retaliatory measures" unless it allows EU-sanctioned goods to resume flowing through Norwegian checkpoints to Russian settlements in the Svalbard archipelago in the high north, according to Reuters.
  • On interbank lending, RBC writes that the volume of interbank lending fell by 27.2% compared to the levels seen before the Ukrainian invasion, prompting market participants to review limits and no longer lend in FX.
  • Putin today meets the Indonesian President Widodo in Moscow.