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Putin Says Turkey Gas Hub ‘Still on the Agenda’

TURKEY
  • According to regulation published in the Official Gazette over the weekend, Turkey has extended tax exemptions for companies that exchange foreign currencies listed on their balance sheets as of June 30 into liras. The exemption previously applied to balance sheets as of end-March 2022.
  • Putin said Russia’s plan for Turkey’s gas hub is “still on the agenda.” He made the comments at a briefing in St. Petersburg late Saturday. “It’s about creating an electronic trading platform, we are not going to store massive volumes of gas there,” he said. Putin didn’t specify if the approach would mean a lower scale of Russian gas trading at the hub than initially envisioned.
  • Tourist arrival data is on the docket later this morning at 0900BST/1100 local time. CPI data is the key release of the week on Wednesday morning (Est: +46.4% y/y). Producer price data will also cross.
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