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Russian tech giant suffering
RUSSIA / FSU POLITICS · In Brief · 24 Apr 2022

Yandex is the Russian tech giant. It was supposed to be able to solve all sorts of problems. Yandex has had to use its media aggregator to censor the media on behalf of the government. The public is only allowed information on the Ukraine conflict from official Russian sources. Therefore, almost ...

Japan says its islands are illegally occupied by Russia
RUSSIA / FSU POLITICS · In Brief · 23 Apr 2022

On April 22 Tokyo made the first such statement since the 1990s. The Kuril Islands belong to Russia but Japan calls them its Northern Territories. Japan has avoided using diplomatic language on the islands for over 20 years because relations with Russia were good. The USSR took the islands in 194...

GULF WEEKLY: UAE announces local bond auctions, Moody’s stabilizes Bahrain, Qatar considers upsizing LNG expansion
GULF COUNTRIES · Report · 22 Apr 2022

A skimmable summary overlaid with our analysis and links. Headlines: *A raft of forecasts from multilaterals and rating agencies highlight strong Gulf public finances. *Oil has dipped to $106 amidst China demand concerns, despite a possible EU ban on Russian oil. *Saudi-US relations remain a...

Russians and Belarusians frozen out of some sports
RUSSIA / FSU POLITICS · In Brief · 22 Apr 2022

On April 20 Wimbledon announced that Russian and Belarusian players are prohibited from participating in the world's most famous tennis tournament. The Boston Marathon has also forbidden athletes from these two countries from taking part in the race.Athletics are important for Russian national pr...

President Bolsonaro pardons Daniel Silveira following his conviction in the STF, third way parties will hold a meeting on Monday to discuss a possible alliance, and the House may vote on the Auxílio Brasil provisional measure next week
BRAZIL POLITICS · Report · 22 Apr 2022

Federal Deputy Daniel Silveira was sentenced to 8 years and 9 months in prison by the Supreme Federal Court (STF). As questionable as the pardon may be, it is permitted by the Constitution. Politically, it pleases Bolsonaro’s supporters, but it definitely aggravates the institutional conflict bet...

US sanctions Russians suspected of circumventing sanctions
RUSSIA / FSU POLITICS · In Brief · 22 Apr 2022

On April 21 the US said the sanctions were on individuals and entities that have been evading sanctions. On the list is the media mogul Konstantin Malofeyev, Deputy Governor of the Central Bank of Russia Ksenia Yudayeva and a former Deputy Prime Minister. The US has introduced blocking sanctions ...

Hint of a recovery of private investment
INDIA · Report · 22 Apr 2022

Private investment is unusually important in shaping macroeconomic conditions in India. From 2011/2012 onward, a critical measure of private investment – the stock of investment projects at hand, expressed in real terms – has been declining. For the first time, the recent data suggests that this ...

A cornered government
ECUADOR · Forecast · 22 Apr 2022

The good news of the higher-than-expected GDP growth of 4.2% y/y, which clearly speaks of a robust (albeit jobless) economic recovery in 2021, came amidst the dense political turmoil caused by dubious legislative processes, another massacre in the jail system, the discovery of a Ponzi scheme amon...

Constitutional Convention update
CHILE · Report · 21 Apr 2022

Chile's Constitutional Convention is progressing in its design of a new document, to be put to the people in a referendum on September 4. The political system it is designing seems to be based on misguided notions of where power is today, and where it should be. Polls show that the public holds...

Russia: a brief market watch
RUSSIA ECONOMICS · In Brief · 21 Apr 2022

As the western countries dramatically cut exports to Russia, demand for FX fell considerably, and the ruble appreciated in recent days to around the R/$80 level (though, the ruble still remained volatile). The ruble appreciation was also backed by capital controls and a reduced appetite to take m...

​Syrian refugees, Ziraat-Germany and presidential polls
TURKEY · In Brief · 21 Apr 2022

The speed and heft of developments in the political arena makes it almost impossible to fit all analyses in a humble Weekly. Thus, the I’m selecting certain topics which are important on their own, but not so salient as to deserve a separate essay in the Weekly to cover in mid-week briefs. This M...

Brief analysis of the April IMF projections for Panama
PANAMA · In Brief · 20 Apr 2022

The Panamanian economy will grow 7.5% in 2022 and 5.5% in the medium term, close to its potential. The level of real GDP would be 1.8% higher than the pre-pandemic year of 2019. If these forecasts are correct, the GDP in 2022 at current prices would be USD 70.5 billion (+10.8% from 2021) and the ...

The 3rd day of decisive battle for Donbas: no great progress in offensive observed
UKRAINE · In Brief · 20 Apr 2022

The big battle for Donbas was "officially" started on Monday, April 18, when President Volodymyr Zelenskiy reported in public that fighting has intensified. In fact, the intense efforts of Russians to push the frontline in the East and South have not eased over the last two weeks. However, intens...

Inflation w-o-w slows
RUSSIA ECONOMICS · In Brief · 20 Apr 2022

Rosstat reported that inflation w-o-w in seven days ending April 15, decelerated to 0.20% from 0.66% during the previous week. Food prices generally continued to rise albeit more slowly, however weekly deflation was recorded for many products in the non-food segment, such as some types of consume...

Expect an unchanged sterilisation rate at tomorrow's deposit tender
HUNGARY · In Brief · 20 Apr 2022

Given the forint's recent appreciation to EURHUF 371, with which we believe the MNB must be perfectly satisfied, investors should not expect any further increase of the 1-week deposit rate, the effective sterilisation rate, from its latest 6.15% level tomorrow.Going forward, the next event to fol...

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