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Putin, Xi to Meet for First Time Since Ukraine Invasion

RUSSIA
  • The Chinese and Russian Presidents are to meet face-to-face next week at the SCO Summit in Uzbekistan, according to TASS. The meeting marks the first face-to-face encounter between the two leaders since Russia’s invasion of Ukraine and marks the first overseas trip for the Chinese leader since COVID pandemic.
  • President Putin, speaking at the Eastern Economic Forum, has claimed that inflation may be 12% by the end of the year, slowing to 4% and meeting the CBR target next year. Putin added that Russia has lost nothing, and will lose nothing from the Ukraine war, claiming that the West’s ‘sanction fever’ is a new global challenge.
  • On oil price cap plans, the US Deputy Treasury Secretary has said the US is using Russia’s own estimated cost of oil production of $44/bbl as a rough guide for an oil price cap.
  • Weekly CPI data takes focus going forward, with last week’s W/W read below zero for the eighth consecutive week.
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