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Key Topics Ahead of Putin's State of the Nation Address

RUSSIA
  • Key topics: Western sanctions, Ukraine tensions, inflation & economic growth, Infrastructure projects & fiscal support measures, Covid response & Navalny.
  • Typically, these addresses deliver on domestic social issues rather than foreign policy, so the substantial focus on international issues is a key change.
  1. Markets will be monitoring how much time is allocated to Ukraine and western sanctions, and specifically Putin's tone for assessing the longevity and potential for escalation in the crisis.
  2. Comments and possible new regarding government's attempts to control inflation will be monitored too after output taxes were raised yesterday to offset the lower fuel tax baseline - with the aim of easing pressure on retail fuel prices among other measures on staples from late 2020
  3. On Navalny, the expectation is for Putin to give this as little airtime as possible outside telling the West to respect Russia's sovereignty and allow it to deal with the matter as it sees fit.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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