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Grain Deal Talks to Take Place in Istanbul

RUSSIA
  • Four-sided talks on the Black Sea grain deal are due to take place in Istanbul, Tass reports citing the Deputy Foreign Minister. Russia has repeatedly said it would back out of the deal by May 18 if impediments to Russia’s own agricultural exports are not resolved. Meanwhile, Turkish Foreign Minister Mevlut Cavusoglu said he’ll visit Moscow for talks with his Syrian counterpart.
  • Russia’s export volume has not suffered significantly from the sanctions imposed on the country, with the exception of oil and gas, TASS report. In fact, Q1-23 figures for some positions are even stronger than that of 2019, the acting head of Russia’s Federal Customs Service told the state newspaper.
  • Bloomberg report that Pakistan has placed an order for a single cargo of Russian oil, but is keen for a long-term deal to buy the crude in Chinese currency, according to the country’s power minister. The payment for the first shipment has been made in US dollars but Pakistan would like further purchases to be in made in yuan, given the nation has a currency swap arrangement with China, Minister Khurram Dastgir Khan said in an interview late last week.
  • Budget balance and official reserve asset data is on the docket today. Looking ahead, CPI data is the key release of the week with prices seen cooling to 2.40% y/y from 3.51% prior. Data will be released on Friday.

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