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Volume of TRY Trading on Moscow Exchange Plunges 75% M/M

RUSSIA
  • Kommersant report that Turkish banks' termination of correspondent relations with Russian partners has led to a drop in TRY’s position on the Russian market. TRY trading on the Moscow Exchange plunged almost 75% month-on-month to RUB13.9bln in January, though market participants hope a solution will be found during the Putin’s visit to Turkey.
  • Amid the problems with shipments of Sokol crude oil from Russia's Sakhalin-1 to India, oil from the project is increasingly going to China, Kommersant report. Five tankers of Sokol have already been delivered to China this year, whereas more than ten tankers loaded with Sokol crude are still stuck at sea due to disagreements over pricing with Indian Oil Corporation.
  • Russia has extended its voluntary oil production cut of 500,000 bpd to the end of 2024 and will remain committed to cutting crude oil and oil product exports by 500,000 bpd through the first quarter, Vedomosti report.
  • The CBR are expected to keep rates unchanged at 16% when they meet on Feb 16. While the Bank may moderate its usual hawkish rhetoric, the CBR are nevertheless expected to maintain its ‘higher-for-longer' stance. CPI data will cross on Wednesday (Est: +7.30% y/y; Prior: +7.42%). Trade data is on the docket this afternoon.
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