Russia
Putin approved Citigroup’s sale of its Russia division to Renaissance Capital, reinforcing tight state control over foreign-asset exits as Russia deepens its wartime economic model. The deal highlights growing financial consolidation and geopolitical risk.
Russia
Russia’s financial system is tightening under wartime conditions, with deeper capital controls, rising sovereign-debt absorption by banks and growing directed lending. Stability now depends on financial repression rather than market-driven resilience.
Russia
Oil benchmarks are being pulled higher by tight refined-product markets as Russian refinery disruptions and sanctions squeeze diesel and gasoline supply. Even with a bearish demand outlook, strong cracks and opaque flows keep crude prices and volatility elevated.
Japan
Japanese utilities JERA and Tohoku Electric say they can replace Sakhalin-2 LNG if disrupted, balancing U.S. pressure to cut Russian imports with energy-security demands. Tokyo warns a halt could raise electricity prices and strain Takaichi’s cost agenda.
Russia
Russia trims policy rate 50 bps to 16.5% as inflation eases to 5.6%; ruble steady near 93; Brent $89 supports revenues; tight stance likely through 2026. (USDRUB, CL=F)
Policy & Economy
Russia’s record $712.6B reserves boost BRICS optics, but sanctions and liquidity traps reveal limits. Gold’s rally (XAUUSD $2,650) and yuan reliance (USDCNY 7.30) fuel talk of a BRICS currency—yet governance and credibility hurdles keep it a mirage.
Policy & Economy
EU’s 19th Russia sanctions: full LNG ban from 1 Jan 2027; ~118 shadow-fleet ships targeted; stricter finance/crypto curbs. 2025 CPI impact minimal; 2026–27 gas tails up—TTF vols ↑; Brent flat unless barrels removed. Playbook: hedge TTF, tilt to compliant tankers & portfolio LNG majors.