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GDP Expected to Contract at Fastest Pace Since COVID

  • The National Settlement Depository has formally filed a lawsuit with the European Court of Justice, seeking a removal of restrictions placed on the NSD that has prevented investor payments.
  • The NSD argue that sanctions restrictions are unlawful and unjustified. The news follows the beginning of talks between Russian law firms and Euroclear, who have frozen as much as $500mln in Russian assets since the Ukraine invasion.
  • GDP data is due today, and is expected to show growth dropped from +3.5% Y/Y in Q1 to a contractions of 4.7% in Q2 as sanctions pressure following the Ukraine invasion impacted the economy. A drop to -4.7% would be among the fastest contractions for the Russian economy on record – with a faster drop in GDP only occurring on three other occasions: the 2020 COVID crisis, the 2009 Global Financial Crisis and the 1998 Ruble crisis.
  • Focus today turns to the presentation of the CBR’s monetary policy briefing from the deputy governor Zabotkin at 3pm local time (1300BST/0800ET).
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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