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USD/RUB at 50 “Not the New Reality”

RUSSIA
  • In an interview with Vedomosti, finance minister Siluanov stated that he is in support of proposals from Gazprom to extend RUB sales restrictions to liquefied natural gas, seeing the step as “fair” going forward. In the interview, Siluanov also commented on FX, saying that a USD/RUB rate of 50.00 is “not a new reality” and the state needs to create a more predictable exchange rate via fiscal rules.
  • Natural gas shipments into Europe across Ukraine are steady today, although at crimped levels following the maintenance shutdown of the Nord Stream pipeline. These remain timetabled to conclude on July 21st, putting the pipeline back into service from then onwards.
  • The Russian President has fast tracked the citizenship process for those wishing to apply for Russian citizenship, extending the scheme that currently only covers Kherson and Zaporizhzhia in the southeast.
  • Late yesterday, US National Security Advisor Sullivan stated that Iran are preparing to provide Russia with ‘several hundred’ UAVs, including some that a weapons capable. Sullivan added that their acquired information sees Iran training Russian troops as soon as this month on the new systems.
  • Effective as of today, the Moscow Exchange has resumed trading in derivatives across the evening session due to high demand from clients. As such, futures trading across Russian equities, currency futures, commodities and US ETFs now have additional local hours of 10:00 - 18:50 - main trading session, 19:05 - 23:50 - additional evening trading session.
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