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RUSSIA: Russia-China Energy Commission Takes Place in Moscow

RUSSIA
  • The CBR has clarified how it will calculate currency exchange rates after the imposition of sanctions against the Moscow Exchange. According to Kommersant, the ruble's exchange rate against the US dollar and euro will be set based on information on OTC transactions among banks made until 15:30 Moscow time. Transactions with major deviations from average rates will be excluded.
  • Russian fertilizer exports to EU countries surged 70% y/y to 1.9m tonnes in the first five months of 2024, Eurostat data showed. Exports grew by 30% to EUR 649.4m, with Vedomosti’s “experts” explaining that importing Russian fertilizer was cheaper for EU customers than buying local due to high gas prices.
  • Deputy Prime Minister Alexander Novak will participate in the Russia-China intergovernmental energy commission in Moscow later this morning. There are no major data releases scheduled for today, with the CBR rate decision on Friday the highlight this week.

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