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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
RUSSIA
The Central Bank of Russia left its key rate unchanged at 16% as inflationary pressures remain heated, worsened by Ukrainian drone strikes on refineries.
- The CBR gave no guidance on the likely direction of its next move. Sell-side broadly expect a gradual easing cycle to commence in H2.
- Since drone strikes accelerated in January, 11% of Russia’s refining capacity has been idled, hampering supplies for key products such as diesel and gasoline.
- Gasoline prices rose by around 12.2% in February, while fuel oil was up 28.4%, TASS said.
- Russia imposed a gasoline export ban lasting March 1-August 31.
- While Russia vows to ramp-up its defences, the equipment required cost 40 times more than the drones being deterred.
- This asymmetry will only embolden the Ukrainian offensive: Ukraine's Euro-Atlantic integration minister calling oil refineries legitimate targets.
- However, The US has urged Ukraine to halt refinery strikes amid wider concerns for global prices.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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