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RUB: Russia Seen Able to Re-Direct Aluminium Exports Despite Possible Sanctions

RUB
CEEMEAEM BulletRussiaBulletEmerging Market News
  • The EU might ban imports of primary aluminium from Russia as early as February 24 under the latest package of sanctions approved on Wednesday, Kommersant report. The newspaper note that Russian aluminium giant Rusal will be able to redirect these exports to Asian markets, where demand is growing. Meanwhile, citing “analysts,” they say the US’ new 25% duties on aluminium and tight monetary policy in Russia pose far greater dangers for the market.
  • The first OFZ bond auction after the phone call between Putin and Trump turned out to be one of the largest in the last four years, with volumes exceeding RUB 190bln, Kommersant report. The Finance Ministry also acted more rigidly than a week earlier, satisfying less than 70% of bids against the backdrop of persistent demand.
  • Foreign Minister Sergei Lavrov visits South Africa for a meeting with his Group of 20 counterparts. Meanwhile, Deputy Prime Minister Alexander Novak holds a meeting on the domestic fuel market.
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  • The EU might ban imports of primary aluminium from Russia as early as February 24 under the latest package of sanctions approved on Wednesday, Kommersant report. The newspaper note that Russian aluminium giant Rusal will be able to redirect these exports to Asian markets, where demand is growing. Meanwhile, citing “analysts,” they say the US’ new 25% duties on aluminium and tight monetary policy in Russia pose far greater dangers for the market.
  • The first OFZ bond auction after the phone call between Putin and Trump turned out to be one of the largest in the last four years, with volumes exceeding RUB 190bln, Kommersant report. The Finance Ministry also acted more rigidly than a week earlier, satisfying less than 70% of bids against the backdrop of persistent demand.
  • Foreign Minister Sergei Lavrov visits South Africa for a meeting with his Group of 20 counterparts. Meanwhile, Deputy Prime Minister Alexander Novak holds a meeting on the domestic fuel market.