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RUSSIA: Russia Threatens ‘Measures’ Against US Drones Over Black Sea

RUSSIA
  • The Defense Minister has called for “rapid response measures” against US drones over the Black sea as their increased activity raises the likelihood of incidents in airspace, Bloomberg report. Russia’s Defense Ministry said on Telegram that US drones are more often carrying out reconnaissance and providing targets for precision weapons supplied to Ukraine.
  • The central bank will reduce sales of yuan by almost 30% – to an equivalent of RUB 8.4bn per day in 2H compared to RUB 11.8bn in 1H – in order to mirror spending from the National Welfare Fund in the second half of 2024. According to Vedomosti, the decrease, combined with the reduction of the amount of forex earnings exporters must convert to rubles, means the currency will likely weaken in early July, the newspaper’s analysts wrote.
  • Russian oil companies could boost crude refining by 8.5% compared to June to a 2024 high of 5.6-5.7m bpd in July-August after the completion of refinery repairs and scheduled maintenance, Kommersant report.
  • Agriculture ministers of BRICS countries hold a meeting in Moscow today. The final reading of current account data for Q1 will cross at 14:00BST.
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