Russia Archive

Credit spillovers from Eur banks to EM

Makes sense. I always wondered how that loan demand was accommodated. Never looked like the kind of lending US regulators would sanction. Karim writes: Interesting table from JPM. Much larger dependence on credit from Eur banks for LATAM economies than from U.S. banks. Poland/Russia not as surprising but still large! Overall, domestic ...Read More

Russian Central Bank spent $58 billion backing Ruble (Update1)

[Skip to the end] Russian Central Bank Spent $58 Billion Backing Ruble (Update1) By Alex Nicholson and Maria Levitov Nov. 19 (Bloomberg) — Russia’s central bank spent $57.5 billion defending the ruble in September and October, Chairman Sergey Ignatiev said. Why would they ‘defend’ the ruble? Maybe they ‘defend’ it selectively, via ...Read More

Re: Russia/OPEC

[Skip to the end] (email exchange) Thanks! it’s all about price setting, as previously suspected. Warren >    >   On Thu, Oct 23, 2008 at 10:09 AM, Scott wrote: >    >   Moving on, we note that Russia and OPEC held high level talks >   yesterday in Moscow as President Dmitry Medvedev met with OPEC’s >   Secretary-General, Abdallah ...Read More

Saudi Iran OIL Update

[Skip to the end] Saudis say they will pump more if markets want more. They post prices to their refiners and then fill all orders at their posted prices. Their posted prices and spreads have also been moving in their favor lately. Can it be more clear that the Saudis are ‘price ...Read More

Bloomberg: Russian control of energy to Eurozone

[Skip to the end] Medvedev May Seek to Assure Merkel on Russian Energy Supplies by Lyubov Pronina and Brian Parkin (Bloomberg) Russian President Dmitry Medvedev may seek to assure Europe of Russia’s reliability as an energy supplier and allay German Chancellor Angela Merkel‘s human- rights concerns in a one-day visit to Berlin ...Read More

Reuters: Putin hiking wages and pensions

[Skip to the end] As suspected, the political response to high food prices is to assist with government funding. Yes, it’s inflationary, but politically there is little choice. In the case of a relatively rich exporter of energy like Russia, they are helping their citizens outbid poorer nations for food: Russia’s Putin ...Read More

Bloomberg: Russian Oil Fund Should Be Tapped for Pensions

While relatively small, investing in pensions vs. ‘spending’ reduces aggregate demand. And ‘liquidity’ for the banking sector can readily be increased independently of these funds as needed. Russian Oil Fund Should Be Tapped for Pensions, Kudrin Says by Maria Levitov and Alex Nicholson (Bloomberg) Russia’s Finance Minister Alexei Kudrin said the country’s ...Read More