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Phase of Softening Currency Controls Could Be Ending

RUSSIA
  • Kommersant reports that the period of weakening the currency control regime could be ending. They cite the publication of a presidential decree yesterday which fixed the rate at which firms must convert FX earnings. The decree also gave the commission the right to restrict currency transfers outside the Russian Federation and finally prohibits the export of dividends of Russian companies by residents.
  • Gazprom are reportedly still considering expanding the RUB-for-gas scheme for its pipeline sales to Europe, expanding the programme from just the list of ‘unfriendly’ countries. Interfax reports that no decisions have yet been made.
  • Bloomberg write that sell-side forecasters are continuing to upgrade their growth forecasts for Russia this year, seeing the country undergoing a much shallower recession than forecast aided by boosted oil production that’s countered the worst of the effects of Western sanctions. The piece writes that officials in Moscow are now prepping forecasts for a 6% decline this year, less than half the pace seen at the initial stages of the Ukraine invasion.
  • Weekly CPI data crosses later today, as well as light vehicle sales.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Markets News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Markets News

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