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Russia Spent $12b to Support Aviation After Sanctions

RUSSIA
  • Russia has spent RUB1.09trln ($12bln) in state subsidies and loans to keep its aviation sector afloat in the wake of Western sanctions over Moscow’s invasion of Ukraine that cut off supplies of key parts and maintenance services, Reuters report, citing data from the Ministry of Finance and the Accounts Chamber.
  • Russia will take symmetrical measures if Europe decides to confiscate its frozen assets, Finance Minister Anton Siluanov says according to Interfax.
  • Russia has sharply reduced electricity supplies to China due to accidents at Far Eastern thermal power plants and growing domestic demand, Kommersant report. According to estimates, exports halved in the summer, and recently the reduction reached 70% y/y.
  • There is little in the way of major data releases for the remainder of the week.
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