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Turkey Stops Transit of Sanctioned Cargo to Russia, CPI Data on the Docket

RUSSIA
  • Turkey has stopped the transit of sanctioned cargo via its territory to Russia, Vedomosti reports citing unidentified officials. Turkish customs will now block consignments headed for Russia from countries that have imposed sanctions against Russia. Goods are also blocked if the cargo itself is banned for delivery to Russia.
  • Imports of sanctioned goods, however, won’t stop, Kommersant say. It will only become more expensive, as the cargo will now have to be cleared with all taxes and charges, processed as a Turkish shipment and transported to Russia.
  • Bloomberg report that payments for exports using what the Bank of Russia calls “toxic” currencies, primarily USD and EUR, accounted for 48% of the total at the end of 2022, down from 87% at the start of the year. CNY share increased to 16% - from about 0.5% - and RUB made up 34%, or almost triple its level earlier, a report by the central bank showed on Thursday.
  • President Putin congratulated China’s Xi Jinping on his re-appointment to a third term as president in a telegram post that also promised continued cooperation on regional and international issues, Tass reports.
  • CPI data is on the docket at 1600 GMT/1900 local time. Prices are expected to moderate slightly to 11.08% y/y from 11.77% prior, while the monthly figure is also expected to cool to 0.53% from 0.84% m/m.
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