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RUSSIA: Putin Speaks at Energy Forum, Volume of Yuan Swap Transactions Drop

RUSSIA
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  • The volume of yuan swap transactions with the Bank of Russia halved compared to the record value of late August, Kommersant report. The central bank’s decision to almost double the cost of such transactions contributed to the reduction in this segment, the newspaper add.
  • Russia aims to maintain oil production at 540m tons per year through 2050 under a base-case scenario, Bloomberg report First Deputy Energy Minister Pavel Sorokin as saying at the Russian Energy Week. Russia “doesn’t aim to flood the market,” and will coordinate its production levels with OPEC+, he added.
  • The belief that economic activity in Russia has been slowing in recent months due to limited supply was an argument in favour of raising the key rate at the September CBR meeting, a summary of the meeting published yesterday showed. The overheating of the economy is fanning inflation and it was argued that a cautious rate hike to 19% was a necessary, while a hike to 20% was also discussed.
  • President Vladimir Putin speaks at Russian Energy Week in Moscow. The Bank of Russia will report the weekly change in international reserves later today.
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  • The volume of yuan swap transactions with the Bank of Russia halved compared to the record value of late August, Kommersant report. The central bank’s decision to almost double the cost of such transactions contributed to the reduction in this segment, the newspaper add.
  • Russia aims to maintain oil production at 540m tons per year through 2050 under a base-case scenario, Bloomberg report First Deputy Energy Minister Pavel Sorokin as saying at the Russian Energy Week. Russia “doesn’t aim to flood the market,” and will coordinate its production levels with OPEC+, he added.
  • The belief that economic activity in Russia has been slowing in recent months due to limited supply was an argument in favour of raising the key rate at the September CBR meeting, a summary of the meeting published yesterday showed. The overheating of the economy is fanning inflation and it was argued that a cautious rate hike to 19% was a necessary, while a hike to 20% was also discussed.
  • President Vladimir Putin speaks at Russian Energy Week in Moscow. The Bank of Russia will report the weekly change in international reserves later today.