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Hungary Block Sanctions Progress With Last Minute Demands

RUSSIA
  • The sixth package of Russian sanctions failed to garner unanimous support yesterday, as Hungary blocked the passage of a final deal and demanded that the head of the Russian orthodox church, Patriarch Kirill, be removed from sanctions lists. Ambassadors are to meet again today after Hungary’s protest, but Bloomberg cite sources as saying “Hungary crossed the line […] and the mood was not good”.
  • Macro data was mixed at best yesterday, with retail sales dropping 9.7% vs. Exp. -5.8% while the unemployment rate dropped to 4.0% vs. Exp. 4.3%. Weekly CPI data was flat, keeping the YTD rate at 11.82%.
  • Elsewhere today, Russian President Putin appears, holding a meeting on transport infrastructure. Meanwhile, energy minister Novak takes part in OPEC+ discussions.

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