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Lavrov’s Turkey Visit to Touch on Key Global Themes

RUSSIA
  • Lavrov is in Turkey today to hold discussions with his Turkish counterpart Cavusoglu, during which a grain export corridor from Ukraine, conditions for a ceasefire and Turkey’s incursion into Syria are the topics on the agenda. Ahead of the talks on Syria, Russian and Syrian fighter jets have staged joint air patrols across the Golan Heights
  • The government are acting further against domestic price rises by raising the export duty on wheat by around 10%, according to Izvestia. This had been a policy plan before the Ukraine invasion, with ministers discussing the possibility in December of last year.
  • In another sign of domestic economic weakness, Kommersant report that rail cargo volumes carrying coal from Kuzbass - one of the primary mining regions in the country – fell by 8.7% across January to May.
  • On commercial real estate prices, Kommersant write that an exodus on international companies from Russia could prompt a severe recession in the Moscow property market, with as much as 800,000 square metres of office space being released onto the market.
  • Focus turns to monthly inflation figures, with M/M CPI expected at 0.20%, with Y/Y at 17.35%. The data is due at 1700BST/1200ET.
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