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RUSSIA: Putin Begins Two-Day Visit to North Korea

RUSSIA
  • President Vladimir Putin will begin his two-day visit to North Korea later today – his first visit since 2000. Putin’s trip to Pyongyang reciprocates a trip North Korean leader Kim Jong-un made to Russia in September 2023 where the two leaders deepened defence ties. That trip raised concerns in the West that the DPRK could fill a Russian shortfall in convention munitions to be used in Ukraine.
  • Kommersant report that while global coal exports are recovering, Russia's share of the market is shrinking, with Russian exporters now accounting for less than 14.6% of global shipments compared to 17.1% in 2021, the Price Index Center estimated.
  • Meanwhile, exports of liquefied petroleum gas to the EU and other European countries fell 14% y/y in the first quarter of 2024 following the imposition of sanctions against Russian LPG, Vedomosti report citing data from Petromarket. Exports to Asia, meanwhile, rose 17.5% but did not fully offset the drop in exports to Europe.
  • The Bank of Russia will publish inflation expectation data later today. PPI data will cross tomorrow afternoon (Est: +15.7% Y/Y).
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