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Oil and Gas Revenues Grew Below Baseline Target in January

RUSSIA
  • The Russian federal budget's oil and gas revenues totalled RUB 675.2bln in January, 4% more than in December and 59% more year-on-year, but RUB 37.5bln less than the baseline target, Finance Ministry data cited by Vedomosti showed.
  • The ministry added that daily forex sales under the fiscal rule will drop by almost half month-on-month per day in February. However, analysts do not expect the decrease in sales to have a serious impact on the ruble's exchange rate, Vedomosti say.
  • Vladimir Putin will deliver an address to parliament in late February or early March, Kommersant report. Note that voting in the presidential elections will take place from March 15 to 17.
  • Looking ahead, the following data is on the docket later in the week:
    • 07/02: Retail Sales (Est: +11.9% y/y; Prior: +10.5%)
    • 07/02: Unemployment Rate (Est: 2.9%; Prior: 2.9%)
    • 07/02: Real Wages (Est: +8.0% y/y; Prior: +9.9%)
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