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Government, BoR Constructing MT Strategy in Face of Sanctions

RUSSIA
  • Kommersant reports that the government and the Bank of Russia are creating a medium-term strategy to respond to global sanctions. The plan is said to contain a slight increase in budget spending (including social spending), a tolerant attitude toward increased inflation and stimulating credit, while maintaining certain elements of currency control. A freeze on non-residents assets in Russia is seen continuing.
  • Russian oil & gas firms are continuing to pullback on refining due to difficulties with exporting products. Across the first half of this month, average daily processing volumes dropped by 6% (Kommersant).
  • For the first time on record, EUR/RUB transactions outnumbered USD/RUB transactions at the Moex, with EUR/RUB gaining share due to its use to pay for gas. Furthermore, the tax collection season in Russia has lead to increased FX sales in Russia into limited importer demand. As a result, Kommersant write that the Bank of Russia could move to relax certain rules to avoid excessive strength in RUB.
  • Izvestia reports that sales of apartments in major Russian cities fell by 50-55% in April, with tighter mortgages prompting a number of developers to consider dropping house prices further.
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