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Putin on First Foreign Trip Since Invasion of Ukraine

RUSSIA
  • Following the failure to pay event on Monday, as Russia were unable to route interest payments to Eurobond investors after the end of the grace period, the EMTA has recommended, after consultation with investors, that Russian sovereign bonds trade flat from Monday unless otherwise agreed. As such, trades are to settle at an all-in dirty price.
  • MTI reports that Hungary’s foreign affairs minister has said Hungary is not willing to agree in any way to the possible extension of sanctions against Russia to gas imports from the country. Szijjarto stated that this would mean “complete inoperability” for Hungary, who use 10bln cubic metres of gas per year, 8.5bln of which is from Russia.
  • In the latest sign of possible economic weakness, Kommersant reports that electricity demand in Russia reversed recent growth and is now in steady decline. The report states that across the European part of Russia and in the Urals, planned consumption levels dropped 5% Y/Y.
  • On the possible launch of an export corridor from Ukraine, Izvestia writes that Russia is ready to allow additional foreign vessels into Ukrainian ports for wheat exports – but they will inspected jointly by Turkey and Russia to ensure they are not carrying weapons.
  • Today, the Russian President visits Tajikistan for bilateral meetings with Rakhmon, marking only the second overseas visit for Putin this year and the first since the Ukrainian invasion.
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