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Turkish Banks Reportedly Beginning to Cut Ties with Russian Banks

RUSSIA
  • Turkish banks have begun refusing to work with Russian banks, Kommersant report citing its financial sources. According to Kommersant, Turkish banks have terminated correspondent banking relationships with almost all Russian credit institutions and have also suspended payment processing without formally terminating contracts.
  • President Putin met the visiting foreign minister from North Korea for talks that could facilitate a trip to Pyongyang for the Russian leader and arms transfers to aid Moscow in its war on Ukraine, Bloomberg report. Putin held talks with Choe Son Hui on Tuesday during a visit to Moscow, Tass reported.
  • Russian coal prices are creeping downward despite the heating season in the Northern Hemisphere, Kommersant report. Prices are under pressure from high coal reserves in China and cheap gas on the global market, the newspaper write.
  • Weekly CPI data is on the docket this afternoon, trade data will be released tomorrow.

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