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Russia-China-India Relations in Focus at SCO Summit

RUSSIA
  • President Putin will take part in an online summit of Shanghai Cooperation Organization leaders hosted by India. The New York Times write that he’s likely to use his speech to display his command of power at home, brushing off accusations of weakness that could hurt relations with his key allies, India and China.
  • The Ministry of Finance has come up with an initiative to cut government spending in next year's budget, Vedomosti report. The program was presented by Minister of Finance Anton Siluanov at a meeting of the government commission on budget projections last week. Two sources told Vedomosti that it was suggested that departments cut spending by 10% from the so-called “unprotected budget”.
  • Kommersant report that while Russians are continuing to reduce the volume of cash FX on-hand, most of the remaining foreign currency savings are still in “toxic” dollars and euros, while the share of friendly currencies is only 13%.
  • Putin will hold a cabinet meeting on the development of occupied regions of Ukraine later today. There are no major data releases scheduled, 1Q GDP data is the key release of the week and is on the docket tomorrow afternoon.
EM BulletHomepageBulletPolitical RiskEmerging Market News
EM BulletHomepageBulletPolitical RiskEmerging Market News

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