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Putin to Make Key Appearance at SPIEF

RUSSIA
  • The St Petersburg International Economic Forum continues Friday, with a speech from President Putin due. There is no set time for Putin’s appearance, but addresses will also be made by the leaders of Kazakhstan, Egypt and – following their call earlier this week – China.Other panels today include various Russian ministers from the energy and economy ministries as well as the central bank.
  • Following Putin’s meeting with carmakers yesterday, the Russian government have announced a RUB20.7bln package to support demand for cars in the country. RUB 10.2bln of the programme is earmarked for car lending, RUB 4.9bln for cheap leasing, RUB 2.6bln for electric car subsidies and RUB 3.3bln for petrol cars.
  • The Canadian government has entered talks with Germany in an attempt to resolve the technical issues hampering the Nordstream pipeline. The issue surrounds equipment in Canada that is now subject to sanctions – leaving a key Siemens turbine stranded in Montreal.
  • Zabotkin, deputy head of the CBR, noted that Russia does not face a deflation risk, and the bank now has room to calibrate monetary policy by the usual means. In contrast, the economy minister Reshetnikov stated that Russia is sliding into a deflationary spiral.
  • Vedomosti reports that Russian steelmakers sharply increased their exports to the Asian market across the first five months of this year, with the sanctions from European markets leading producers to seek sales elsewhere.
  • Prelim Q1 GDP data is due later today, expected to show growth of 3.5% - inline with the previous reading.
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