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Russia banning grain exports
RUSSIA / FSU POLITICS · In Brief · 27 Apr 2020 · 1 response

On April 26 Russia announced that it is making most grain exports to most countries illegal until July 1 when the situation will be reviewed. The ban applies to rye, corn, barley and meslin which is an amalgam of wheat and rye. Eurasian Economic Union countries are exempted from the ban: Kazakhst...

Georgian economic stimulus
RUSSIA / FSU POLITICS · In Brief · 27 Apr 2020

On April 24 Georgia announced a stimulus package of USD 1.1 billion. That does not seem much but the country has 4 000 000 people and the average annual wage is about USD 3 000. The economy is anticipated to shrink 4% in 2020.Prime Minister Georgi Gakharia said 10% of the stimulus package will go...

A race against time
TURKEY · Report · 26 Apr 2020

Turkey’s daily corona cases declined to under 3K for the first time in April on Saturday, which gives support to President Erdogan’s plans to lift many of the restrictions of movement on industry and people. Yet, there are strong reasons to believe that official data doesn’t capture whole reality...

Economic activity has declined by 31%
ISRAEL · In Brief · 26 Apr 2020

The Bank of Israel estimates that economic activity at present is 31% below the pre-Covid-19 level. The number of employed has contracted by 40%. This estimate of low level of activity was following a partial opening of the closure. The Bank of Israel is forecasting inflation of -0.5% in the next...

The wolf took off the sheep’s skin
VENEZUELA · In Brief · 26 Apr 2020

Easing the food industry’s operations and its distribution channels would be the way to go in order to mitigate the impact that Covid-19 contention measures and gasoline shortages have on local supplies. Instead, the government is reinstating price controls and de facto expropriating inventories ...

Russian mercenaries accused of chemical attack in Libya
RUSSIA / FSU POLITICS · In Brief · 25 Apr 2020

On April 24 Libya accused Wagner Russian mercenaries of carrying out a chemical attack. The Government of National Accord (GNA) is the UN recognized government in Libya. The GNA said that Wagner Russian mercenaries carried out the attack to assist Khalifa Haftar who leads the Libyan National Acco...

The biggest crisis of the Bolsonaro government so far
BRAZIL POLITICS · Report · 24 Apr 2020

The resignation of Sergio Moro from the Ministry of Justice and Public Security – a consequence of the dismissal of the director-general of the Federal Police (PF), Maurício Valeixo – represents a major loss for the Jair Bolsonaro government. Added to the symbolism of his departure, especially gi...

Russian Central Bank cuts interest rates
RUSSIA / FSU POLITICS · In Brief · 24 Apr 2020

On April 24 the Russian Central Bank (CBR) cut interest rates to a level not seen since 2012. This is just as we predicted. CBR said the economy might diminish by 6% in 2020. The move was almost universally anticipated. The key rate was previously 6% and is now 5.5%. This is CBR's first response ...

EU to lend EUR 1.2 billion to Ukraine
RUSSIA / FSU POLITICS · In Brief · 24 Apr 2020

On April 22 the EU announced that it would give a EUR 1.2 billion soft loan to Ukraine to deal coronavirus. This is because Ukraine is an EU enlargement country i.e., it has the long-term goal of joining the EU. The first installment is said to be imminent. The second installment will depend on U...

The consequences of Moro’s resignation
BRAZIL POLITICS · Report · 24 Apr 2020 · 1 response

The exit of the Minister of Justice and Public Security, Sergio Moro, from the Bolsonaro administration on the heels of the dismissal of the general-director of the Federal Police, Maurício Valeixo, has the potential to provoke profound changes. It is important to note that Moro’s exit, as the mo...

GULF WEEKLY: Oil plummets, Trump-Iran tensions return, Bahrain cuts spending
GULF COUNTRIES · Report · 24 Apr 2020

The weekly is a skimmable summary of key developments by country, overlaid with our analysis, the outlook and links to further information. Headlines include: * The latest crash in oil prices, which saw Brent touch $16, weighed on Gulf markets. * Trump and Iran exchanged threats about destroy...

Hungary sold EUR 2bn of 6 and 12-year bonds yesterday
HUNGARY · In Brief · 24 Apr 2020

Well, it did not take too much time for the government to adjust its 2020 financing plan to the new situation and to start the implementation of the amended financing plan right away.The amended government budget, which raised the deficit target for this year from 1% to 2.7% of GDP, has identifie...

President Duterte extends ECQ in key regions
PHILIPPINES · In Brief · 24 Apr 2020

President Rodrigo Duterte today announced the extension until May 15 of Enhanced Community Quarantine (ECQ) in key parts of Luzon island deemed “high-risk”, including the three top contributors to GDP, Metro Manila (36%), Calabarzon (17%) and Central Luzon (9.8%). He also decided to transition se...

GlobalSource Partners' Analyst Webinar Series: Russia's response to the crisis: a mix of easing and tightening
RUSSIA ECONOMICS · Report · 24 Apr 2020

In the webinar, Evgeny Gavrilenkov and Alexander Kudrin provided insight into Russia's ability to weather the dual impact of the coronavirus lockdown and the oil crisis on its economy and external accounts

Last french fries factory in Russia shut temporarily
RUSSIA / FSU POLITICS · In Brief · 24 Apr 2020

On April 24 the only French fries factory in Russia closed for the time being. Belaya Dacha Factory opened in 2018 in Lipestk. 100 000 tons of French fries were produced there in 2019. Fast food joints no longer had to import fries. Fast food restaurants have stopped operating.Belaya Dacha has 20...

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