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Manufacturing PMI Rises to 54.7, Moscow Activates Price Floor Mechanism

RUSSIA
  • S&P Global’s Manufacturing PMI rose to 54.7 in February from 52.4 in January – the highest level in over 3 years. New Orders rose to 57.7 compared to 54.0 the month prior.
  • Moscow has for the first time ever activated its so-called price floor mechanism to shield the flow of petrodollars to its state budget from western energy sanctions, Bloomberg report. To calculate their January oil taxes, Russian energy firms had to use an average price of Urals of $65 a barrel, according to a letter from the Federal Tax service published last month. The state budget will receive this revenue in February, with figures due to be published next week.
  • The government has decided to reinstate the exchange-rate export duties on coal, which were lifted just two months ago, as of March 1 in order to boost budget revenues, Kommersant report. The Finance Ministry's proposal to raise the mineral extraction tax on coal, initially seen as an alternative to the export duty, is also still on the table.
  • Bank of Russia Governor Nabiullina will speak at a meeting of the Association of Banks of Russia. There are no data releases on the docket today.

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