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Grain Deal Already Under Threat Following Odesa Strikes

RUSSIA
  • Despite the signature of the grain export corridor deal in Istanbul last week, wheat prices are surging early Monday as markets respond to the cruise missile attack by Russian forces on Odesa – a key port in the south at which as many as nine ships are docked loaded with agricultural goods. The Russian foreign ministry have defended the attack, claiming the target was a military facility.
  • Following confirmation late last week, Vedomosti this weekend wrote that the finance ministry are targeting Q3 for a return to debt issuance, resuming the sale of OFZ RUB bonds after budget rules are approved at end-September. This is a change in approach, after finance minister Siluanov previously claimed neither domestic nor Eurobond markets would be tapped this year.
  • Kommersant write that the delivery of a Siemens turbine for the Nord Stream 1 pipeline could take place in the coming days. Despite the imminent delivery, sources told the paper that it may not result in any increase in gas flow due to several other units needing maintenance.
  • Putin today attends a government meeting on the aviation industry, while Lavrov extends his trip across Africa after visiting Egypt Sunday. With no major data releases Monday, focus remains on Wednesday’s unemployment rate, retail sales and industrial production data.
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  • Despite the signature of the grain export corridor deal in Istanbul last week, wheat prices are surging early Monday as markets respond to the cruise missile attack by Russian forces on Odesa – a key port in the south at which as many as nine ships are docked loaded with agricultural goods. The Russian foreign ministry have defended the attack, claiming the target was a military facility.
  • Following confirmation late last week, Vedomosti this weekend wrote that the finance ministry are targeting Q3 for a return to debt issuance, resuming the sale of OFZ RUB bonds after budget rules are approved at end-September. This is a change in approach, after finance minister Siluanov previously claimed neither domestic nor Eurobond markets would be tapped this year.
  • Kommersant write that the delivery of a Siemens turbine for the Nord Stream 1 pipeline could take place in the coming days. Despite the imminent delivery, sources told the paper that it may not result in any increase in gas flow due to several other units needing maintenance.
  • Putin today attends a government meeting on the aviation industry, while Lavrov extends his trip across Africa after visiting Egypt Sunday. With no major data releases Monday, focus remains on Wednesday’s unemployment rate, retail sales and industrial production data.