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Half of Russia-China Trade Already Conducted in Local Currencies

RUSSIA
  • About half of trade between Russia and China is already conducted in national currencies, Russian Prime Minister Mishustin said during a video meeting with Chinese Premier Li Keqiang, according to Tass. Mishustin expects the transition to national currencies to continue as Russian commodity supplies to China increases and the two prepare to work on new large-scale projects in the energy sector.
  • The EU is looking to impose restrictions on Russia’s drone sector as part of a new package of sanctions the bloc aims to approve for next week, Bloomberg report according to people familiar with the matter. The EU is also considering restrictions on other technologies and components used by Moscow for military purposes, as well as measures further targeting services, investments and Russia’s media and financial sectors.
  • The EU’s ban on seaborne Russian crude imports is expected to weigh “moderately” on the country’s output in December, according to UBS. There will likely be a bigger impact on supply from Russia when a refined-products ban comes into force in February.
  • Data-wise, Russian Services and Composite PMIs increased to 48.3 and 50.0 respectively from 43.7 and 45.8 prior. Looking ahead this week, CPI data crosses on Friday where an 11.93% yearly increase is expected (Prior. 12.63%).
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