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Xi Seeks to Distance Beijing From Moscow, Black Sea Export Deal Prolonged 120 Days

RUSSIA
  • A Black Sea grain-export deal will be prolonged by 120 days, Ukrainian Infrastructure Minister Oleksandr Kubrakov said in a post on Twitter. Kubrakov called the move “another important step in the global fight against the food crisis”, while the UN welcomed the agreement. Russian press reports that negotiations are ongoing.
  • Xi has taken his most significant step to create space between Beijing and Moscow since Putin invaded Ukraine almost nine months ago, Bloomberg report, after China signed off on a communique Wednesday saying that “most members strongly condemned the war in Ukraine.”
  • Nevertheless, Russia is expecting a state visit from the Chinese president Xi next year, likely after the Chinese parliamentary session in March, Russian Ambassador to China Morgulov said, according to Tass.
  • Russia surged past its record for a local debt sale at auction as investors bought the equivalent of $12 billion in floating-rate notes. The Finance Ministry placed 750 billion rubles ($12.4 billion) in new so-called OFZ bonds due July 2033 and tied to the Ruonia rate, according to Bloomberg.
  • The Bank of Russia will report weekly changes in its FX and gold reserves this afternoon.
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