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Key Grain Corridor Talks Kick Off in Istanbul Today

RUSSIA
  • Negotiators and diplomats from Russia, Turkey, Ukraine and the United Nations meet in Istanbul today in an attempt to progress talks on a possible grain export corridor from Ukraine through the Black Sea.
  • Data cited by Bloomberg sees Russian exports of diesel and fuel products to the Middle East has risen every month since the invasion of Ukraine. June data shows that imports reached 155,000bpd in June.
  • Following the agreement made between Canada and Germany for the export of key Russian turbine parts, the Globe and Mail disclose that the agreement struck was far more long lasting than previously expected, with the deal made covering as much as two years and permitting for the import and export of as many as six different turbine units going forward.
  • In a minor reshuffle of ministers, the deputy PM Borisov is to leave his post to take the head position at Roscosmos, leaving Denis Manturov to be promoted to the deputy PM position.
  • Kommersant confirms Euroclear has now created separate sub-accounts for holders of Russian "default" Eurobonds to record income. The mechanism can be applied to around 20% of the holders of these bonds. According to the piece, lawyers have warned that for the time being, nothing can be done with the funds in these accounts. But market participants admit the possibility of receiving coupon payments and redemptions in foreign currency in the future.

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