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Russia’s Elite Growing Increasingly Pessimistic Over War in Ukraine

RUSSIA
  • Bloomberg report that a mood of deepening gloom is gripping Russia’s elite about prospects for President Putin’s war in Ukraine, with even the most optimistic seeing a “frozen” conflict as the best available outcome now for the Kremlin. Many within the political and business elite are tired of the war and want it to stop, though they doubt Putin will halt the fighting, according to people familiar with the situation.
  • President Putin and Saudi Crown Prince Mohammed bin Salman talked on OPEC+ cooperation by phone, the Kremlin said. The two leaders “gave high praise to the level of cooperation within the OPEC+ that allows to make timely and effective steps to maintain the balance of oil supply and demand,” according to a statement late Wednesday.
  • The Bank of Russia will report weekly FX and gold reserve data today at 1400BST/1600 local time. The CBR key rate decision (Est: Unchanged) and CPI data (Est: 2.46% y/y) release tomorrow are the key releases of the week.
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