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Putin Visits Iran in First Overseas Visit to Non-Former Soviet State Since Ukraine Invasion

RUSSIA
  • Focus today will be on summit talks held in Tehran, with the Iranian, Russian and Turkish leaders due to discuss the conflict in Syria as well as the war in Ukraine. The trip will mark Putin’s first visit outside of former Soviet states since the invasion of Ukraine in February.
  • Vedomosti reports that the Russian finance ministry have proposed modifying the budget with a new cut-off oil price of $60/bbl, alongside a proposal to target oil output of 9.5mbpd. The piece goes on to say that the finance ministry has suggested buying FX using windfall energy income, citing a source close to the government and a federal-level official. The move could impact the USD/RUB rate by as much as 10-20 rubles per dollar, according to their analysis.
  • On the progress of a grain corridor out of Southern Ukraine, RBC report that the issue is close to resolved, according to the director of the Moscow office of the UN Food and Agriculture Organization.

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