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Local Press Touts June Inflation in Negative Territory

RUSSIA
  • Japan’s Government Pension Investment Fund reduced the value of its Russian stock and bond holdings to nearly zero at the end of fiscal 2021 compared with ~220b yen a year earlier, Nikkei reports without attribution. Doesn’t plan to make new investment into Russia assets and plans to sell off current holdings when trading activity, which has been disrupted by Western sanctions, resumes. Expected to log a gain when it reports earnings on Fri.
  • Kommersant reports that Russian oil production in June rose by close to 5% to 1.56mln tons per day (equivalent of 10.7mln bpd). Meanwhile, they also flag the tightening spread between Urals grade crude and Brent, which has dropped to $31.40/bbl – a drop of $4/bbl on the week.
  • Izvestia writes that June CPI data may show deflation for both goods and services in Russia – the first time in modern Russian history. The data is due on July 8th and follows five consecutive weekly CPI readings showing prices flat or negative.
  • At least 18 Russian regions have declared patronage over settlements or areas in the so-called people’s republics of Donetsk and Luhansk, according to RBC this morning.
  • Following his visit to Tajikistan yesterday, Russian President Putin is taking part in the Caspian Sea Summit in Turkmenistan today. Meanwhile, finance minister Siluanov attends a business conference alongside the CBR Governor Nabiullina.
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