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Russian Navy Enters Red Sea Amid Ongoing Houthi Attacks

RUSSIA
EM BulletHomepagePolitical RiskCommoditiesPolitical Risk BulletBulletEmerging Market News
  • Russian warships from the Pacific Fleet have crossed the Bab-el-Mandeb Strait and entered the Red Sea, Tass news agency said. The Russian Pacific Fleet’s press service said the ships were carrying out “assigned tasks within the framework of the long-range sea campaign.”
  • According to Bloomberg, the Yemen-based Houthis told China and Russia earlier this month that their ships can sail through the Red Sea and Gulf of Aden without being attacked. In exchange, the two countries may provide political support to the Houthis in bodies such as the United Nations Security Council, according to several people with knowledge of the militant group’s discussions.
  • Coal production in Russia slumped 0.7% y/y and 1.8% m/m in February, the lowest monthly figure since August, Vedomosti report. The drop was due to a decline in coal exports, which fell 8% y/y to in January. Nevertheless, analysts think the decline is temporary and exports will recover in the coming months amid stronger demand.
  • Data-wise, gold and FX reserve data will cross this afternoon. Final Q4 current account data is on the docket tomorrow.
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  • Russian warships from the Pacific Fleet have crossed the Bab-el-Mandeb Strait and entered the Red Sea, Tass news agency said. The Russian Pacific Fleet’s press service said the ships were carrying out “assigned tasks within the framework of the long-range sea campaign.”
  • According to Bloomberg, the Yemen-based Houthis told China and Russia earlier this month that their ships can sail through the Red Sea and Gulf of Aden without being attacked. In exchange, the two countries may provide political support to the Houthis in bodies such as the United Nations Security Council, according to several people with knowledge of the militant group’s discussions.
  • Coal production in Russia slumped 0.7% y/y and 1.8% m/m in February, the lowest monthly figure since August, Vedomosti report. The drop was due to a decline in coal exports, which fell 8% y/y to in January. Nevertheless, analysts think the decline is temporary and exports will recover in the coming months amid stronger demand.
  • Data-wise, gold and FX reserve data will cross this afternoon. Final Q4 current account data is on the docket tomorrow.