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RUSSIA: CBR Says Policy Must Remain Tight for Longer Than Previously Anticipated

RUSSIA
  • The CBR published several documents Tuesday in which it indicated that monetary policy needs to be tightened further and kept this way for a longer period than it had anticipated in April, Kommersant report.
  • Russia's energy system suffered major disruptions in service in the southern and eastern parts of the country on Tuesday amid a surge in electricity consumption due to very hot weather, Kommersant report, adding that the depletion of capacity reserves for peak loads is becoming a systemic problem.
  • The Ministry of Energy has proposed extending the ban on gasoline exports until September-October, and for non-producers of this fuel until the end of the year, RBC report. The embargo is currently in effect until August 31, with other local papers having previously reported that the ban is set to be extended.
  • PPI data is on the docket at 17:00BST/19:00 local time (Prior: +16.2% Y/Y). There will be no other major data releases on the docket for the remainder of the week.

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