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LNG Exports Fall 11.2% y/y; Russia Invests in Indian T-Bills

RUSSIA
  • Russia’s Defense Ministry said air defense shot down two Ukrainian drones bound for Moscow, leading authorities to close briefly two international airports near the capital, Bloomberg report. Meanwhile, officials in the western Ukrainian region of Rivne reported a drone attack overnight that damaged an oil depot.
  • Russian LNG exports to world markets fell 11.2% y/y in July to about 2m tons due to planned maintenance work at key liquefaction plants, Yamal LNG and Sakhalin-2, Kommersant report.
  • Russian funds of $10 billion to $12 billion were invested in Indian treasury bills in the year to March, Mint newspaper reported. Recall Russia said in May that it has accumulated billions of rupees in Indian banks which it can’t use, pointing to a ballooning trade surplus with the South Asian nation.
  • As a reminder, the CBR decided yesterday not to purchase foreign currency until the end of 2023 in order to reduce volatility of financial markets. (See more here: https://marketnews.com/bank-of-russia-decides-to-h...)
  • The Bank of Russia will report weekly changes in gold and FX reserves later today. GDP data is on the docket tomorrow (Est: +3.9% y/y; Prior: -1.8%).
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