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Government Insists on Fines for Violations of FX-Selling Requirements

RUSSIA
  • The Russian government is insisting on introducing fines on major exporters for violations of requirements to sell forex earnings, Vedomosti report. The government withdrew support for the initial bill to amend the Code of Offences after lawmakers eased punishment for offenders amid lobbying by businesses. A second draft bill now proposes fines equivalent to as much as 100% of the amount of unsold forex revenue.
  • Prices for the main types of fuel on the St. Petersburg International Mercantile Exchange continue to climb amid growing demand ahead of the spring and disruptions in some operations at major oil refineries, Kommersant report. The newspaper write that prices for gasoline and summer diesel rose to their highest so far this year on Tuesday, while market participants are expecting further price increases in the coming months.
  • Bloomberg report that refiners in China are taking greater volumes Russian Sokol that’s largely being shunned by their counterparts in India amid sanctions concerns. So far this month, the mostly private processors took an average of 168,000 barrels a day of Sokol, three times more than January’s pace and well ahead of the 53,000 barrels in 2023, according to data tracked by intelligence firm Kpler and cited by Bloomberg.
  • Data-wise, PPI figures for January will cross this afternoon (Prior: +19.2% y/y).
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