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Russia-Ukraine Confidence-Building “Going Well”

RUSSIA
  • Late yesterday, the Turkish foreign minister stated that Russia-Ukraine confidence-building measures are “going well”, citing prisoner exchanges, however also noted that finding a negotiated solution was easier in the initial weeks of Ukraine war, and now, 'things have changed’.
  • Oil production across Russia for August so far has dropped around 2% compared to July, according to Kommersant.
  • Kommersant also reports that issuers in Russia are seeking to find alternative solutions to negotiate with Eurobond holders on alternative payment procedures. Some issuers are trying to get investors' consent to payments in rubles, others are trying to buy bonds from foreign holders, and still others are simply waiting for a workable mechanism to appear.
  • NOTE: Turkish markets closed today for the Victory Day public holiday.

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