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Putin Concerned High Gas Prices Crimp Largest Export Market

RUSSIA
  • Putin spoke against the persistent and continued rise in gas prices yesterday, highlighting that continued growth in prices will lead to lower consumption, thereby impacting producers including Gazprom. Ministerial statements also showed that Russia are prioritizing domestic stockpiles, with inventories seen being filled by November 1st. European importers eye this date for potential switch in priorities toward their largest export market.
  • Yesterday, the Russian President approved a broad set of COVID-19 measures, with Putin agreeing to the appeal to set Oct 30 - Nov 7 as non-working days, with some of the more impacted cities getting a headstart of Oct 23. Putin appealed to the country to get vaccinated, with the country's rates well below target for this time of year.
  • NATO have extended an offer of talks with Russia after the expulsion of a number of Russian diplomats at the beginning of the month. Stoltenberg added that the group will continue to assess how to further strengthen defence and deterrence.
  • The Russian defence ministry confirmed that they sent two fighter jets to intercept four US planes flying over the Black Sea, confirming that once the US planes had been turned away from the Russian border, they returned to their home base.
  • The CBR are expected to hike rates further this Friday, with analysts split between a 25 and a 50bps hike. Full preview with summary of sell-side analyst views here: https://marketnews.com/mni-cbr-preview-october-202...
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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