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Russian Forces Likely Control Soledar

RUSSIA
  • Russian forces likely control most if not all of Soledar in the eastern Donetsk region, and have likely pushed Ukrainian forces out of the western outskirts of the settlement, analysts at the Washington-based Institute for the Study of War said in a report cited by Bloomberg. However, Russia has “overexaggerated” the importance of Soledar, which is “at best a Russian Pyrrhic tactical victory,” the Institute for the Study of War said.
  • The Bank of Russia, on behalf of the Finance Ministry, restarts its FX operations today as part of the oil price-based budget rule to compensate for lower-than-expected energy product revenues. The CBR plan to sell RUB54.5b worth of Chinese yuan within the next month. On Tuesday, Russia’s finance ministry said it intends to replenish the National Wealth Fund (NWF) in yuan as part of the budget rule having clarified last year that the Wealth Fund will not be invested in USD assets.
  • Russia sold $273.2m worth of bonds this year as of Jan 12, according to Bloomberg calculations using official data. Issuance was down 29% compared to the same period last year. Russia's monetary base rose to RUB16.5t in the week of Dec 30 from RUB16.2t in the week of Dec 23, according to figures released by the Bank of Russia this morning.
  • CPI data is on the docket today, where prices are expected to increase slightly to 12.20% Y/Y from 11.98% prior. The monthly figure is expected to release at 1.05%.
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