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RUSSIA: Russia Ends Costly Program of Mortgage Subsidies

RUSSIA
  • Russia is winding down a costly program of mortgage subsidies that’s fueled a property boom in the face of the Covid-19 pandemic and the war in Ukraine, Bloomberg report. The program provided mortgages at 8% interest, prompting criticism from Governor Elvira Nabiullina about the distorting effect of the subsidies for newly built properties that drove up prices.
  • Russian LNG exports rose 2.7% y/y to 16.79m tonnes in the first half of 2024, Kommersant report. The biggest increase was 6.3% to the EU, where France was the biggest buyer. However, the newspaper add that exports could drop in the next few months due to the suspension of LNG shipments from Sakhalin-2 as of June 20, likely due to scheduled maintenance.
  • There are no major economic releases scheduled for today. Retail sales, unemployment rate and the final reading of GDP data for Q1 will all cross tomorrow afternoon.
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