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Nabiullina Likely to Receive Duma Endorsement for Reappointment

RUSSIA
  • Today, the Duma is due to consider the candidacy of BoR governor Nabiullina for another term. She is highly likely to receive the endorsement of lawmakers after her handling of policy across the Ukraine crisis was well received. Nabiullina appeared in front of lawmakers earlier this week outlining the BoR’s intentions to sue international partners after its foreign reserves were frozen in response to the Ukraine invasion.
  • At yesterday’s G20 meeting, a number of finance ministers and central bank governors stood up and left the meeting when Russian representatives began addressing the group, according to Bloomberg. The G20 meeting concluded with no joint communique, with attendees acknowledging the meeting as “challenging”.
  • Yesterday, the Credit Derivatives Determinations Committee stated that recent RUB payments on dollar-denominated bonds constituted a potential default. This shifts focus to the next deadline on May 4th, by which point Russia must find a method of paying in dollars. Should Russia fail, this could trigger the CDS clauses in light of the CDDC’s ruling.

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