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Government Readies Fiscal Budget

RUSSIA
  • Kommersant report that the 2023-35 budget is expected to be free from surprises with the MoF managing to defend the idea of a gradual transition to a balanced budget with a higher oil price level of about $60 per barrel after a meeting with President Putin took place on Monday evening. According to Kommersant sources, the Ministry of Finance will be ready to reveal details of the budget within a week.
  • Yang Jiechi, a high-ranking Chinese politician and diplomat, said that “The Chinese side is willing to work with the Russian side to continuously implement high-level strategic cooperation between the two countries, safeguard common interests and promote the development of the international order in a more just and reasonable direction” according to a Foreign Ministry statement.
  • Similarly, wires report that the Chinese Foreign Ministry has declined to comment on whether Chinese President Xi Jinping will meet with either Russian President Vladimir Putin or Indian Prime Minister Narendra Modi on the sidelines of the summit this week. While the foreign ministry has not confirmed any meeting, observer expectations are for Xi to use the SCO as a chance to meet with key regional leaders, meaning meetings with both Putin and Modi are seen as likely events.
  • In a further sign of strengthening Russia-China ties, oil giant Rosneft PJSC has offered Russia’s biggest yuan-denominated bond to date with a value of at least 10bln yuan.
  • Vedomosti report that the government is planning to double the share of foreign trade settlements in rubles by 2025, from last year's 19.5% to 40%.
  • Indonesian authorities are considering buying oil from Russia due to rising energy prices in the domestic market, President Joko Widodo said on September 12 in an interview with the Financial Times.
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