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S&P Affirms BBB- & Stable Outlook; Navalny Arrest Draws International Condemnation



  • S&P affirms Russia's rating at BBB-, outlook stable. Cites concerns over Covid, but notes solid external and public balance should absorb most possible shocks.
    • Warns pressure could come on the rating if materially tighter external sanctions prompt outflows - TASS
  • Russia detains Navalny as he arrives in Russia. Analyst says this displays the broad concern they have over his ability to cause trouble for Putin if he remains free.
    • Russian Prison released a statement saying he was arrested due to multiple parole violations and would be detained pending trial.
    • Further measures to be determined by the courts. Navalny's detention has been condemned by US. EU & UK.
  • US says it will lift Nord Stream 2 sanctions if Europe suspends construction - Biden Advisor.
    • Given recent efforts from Germany to protect the pipeline with climate foundations, this seems unlikely.
    • Zurich Insurance group has backed out of the pipeline (3rd company now) on threat of US sanctions
  • Lavarov to hold annual press conference 1415GMT
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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