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COUNTRY INSIGHTS

EU prolongs sanctions on Russia
RUSSIA / FSU POLITICS · In Brief · 11 Dec 2020

On December 10 the EU announced that sanctions against Russia shall continue until June 2021 at least. The sanctions are to penalise Russia for the Ukraine Conflict. The sanctions are against sectors such as the oil industry.The Minsk Accords signed in 2015 were supposed to end the conflict. The ...

President Luis Abinader announces the development of the Comprehensive Institutional Reform Plan.
DOMINICAN REPUBLIC · In Brief · 10 Dec 2020

The Plan, launched within the context of the celebration of the International Day against Corruption, includes the following actions: 1. Creation of a single portal for transparency of government activity with unlimited access. 2. Regulation of the Public Administration’s advertising. 3. Review a...

White smoke has risen in Brussels
HUNGARY · In Brief · 10 Dec 2020

The ongoing EU Council meeting has completed the discussion of the conditionality mechanism today. The agreement between the German Presidency and Hungary / Poland has been approved, and so Hungary and Poland have given up their veto on the EU fiscal package. In addition to what we have said on t...

Holland kicks out 2 Russian diplomats as spies
RUSSIA / FSU POLITICS · In Brief · 10 Dec 2020

On December 10 the Dutch said the two Russian had been declared personae non gratae for spying on the hi tech industries. The two expellees are said to be members of the SVR (External Intelligence Service). They were diplomats in the Hague.AIVD (Dutch intelligence) said the SVR had developed a ne...

​KUWAIT: New parliament seems more oppositional, but will pass debt law
GULF COUNTRIES · Report · 10 Dec 2020

* It was a rare achievement for the outgoing parliament to complete a four-year term. * The newly elected parliament looks more oppositional, although many new MPs are relative unknowns, given a 62% turnover. * The picture should become clearer in the upcoming vote for a speaker on December 15....

Hungary and Poland are giving up their fiscal veto; great news but be careful for now
HUNGARY · In Brief · 09 Dec 2020

Today's obviously great news was the announcement of an agreement between the EU's German Presidency and Hungary / Poland on the latter two members' intended fiscal veto. The two governments are prepared to give up their intention to veto the EU's fiscal package, in exchange for three concessions...

Russian bans tomatoes from Azerbaijan
RUSSIA / FSU POLITICS · In Brief · 09 Dec 2020

On December 9 Moscow announced that from December 10 Azerbaijan tomatoes cannot be imported. The ostensible reason is that they are contaminated with substances that are injurious to human health The ulterior motive might be to penalize Azerbaijan for inviting in Turkish troops.Over 30% of tomato...

Inflation remains elevated
RUSSIA ECONOMICS · In Brief · 09 Dec 2020

Inflation during the first week of October was at 0.2% w-o-w. Inflation remains elevated starting from November and will stay high in the weeks ahead. It looks as though budgetary spending, which remained moderate in 10M20 (the government spent around 86% of the initial, pre-pandemic, budget duri...

South Africa registers impressive Q3 GDP growth: a reason to celebrate or an economy wrestling with headwinds?
SOUTH AFRICA · Report · 09 Dec 2020

South Africa (SA) has exited its longest recession in more than two decades, registering 66.1% q/q GDP growth in annualized terms (non-annualized: 13.5%). This, after contracting by 51.7% in the second quarter (non-annualized: 16.4%). A year-on-year comparison shows a contraction of 6%, better th...

Cancellation of USD1.260 b in public debt as a result of a liability management operation.
DOMINICAN REPUBLIC · In Brief · 09 Dec 2020

The Dominican Government achieved yesterday the cancellation of USD1.26 b of public debt through a liability management operation. The operation consisted of the repurchase of the securities maturing in 2021, 2024 and 2025 and their replacement by the bond maturing in 2032. The latter has a longe...

Judge dictates coercive measures against those accused in the Anti-Pulp Operation
DOMINICAN REPUBLIC · In Brief · 09 Dec 2020

Last night, Judge José Alejandro Vargas ordered the preventive detention of seven of the eleven defendants in the Anti-Pulpo Operation, including Alexis Medina Sánchez who is the brother of former President Danilo Medina Sánchez. Regarding the remaining defendants, the judge ordered the release w...

Russia’s external balance remains solid in 11M20
RUSSIA ECONOMICS · In Brief · 09 Dec 2020

According to a CBR’s flash estimate, the current account surplus reached $29.1 bn in 11M20, while the trade surplus was at $80.6 bn. The latter figure is well in line with CBR’s previous releases – trade surplus reached $64.8 bn in 9M20 and was estimated at $73.0 bn in 10M20, i.e., kept widening....

Decreasing headline inflation in November unlikely to lead to monetary easing
HUNGARY · In Brief · 08 Dec 2020

The headline CPI-inflation rate fell further in November, to 2.7% yoy from October's 3%. This was the third consecutive month of a significant decline, which in itself raises the question if monetary easing is likely to happen soon.Our conclusion is that it is not, for a number of reasons. One of...

Russian constitutional reforms take effect
RUSSIA / FSU POLITICS · In Brief · 08 Dec 2020

On December 8 Putin signed the amendments into law. The State Council was solely consultative organ. Its status has been raised to being a constitutional state body whose complement is filled by regional governors and officials by presidential appointment. The State Council shall direct policy bo...

Russia verifies Venezuela election
RUSSIA / FSU POLITICS · In Brief · 08 Dec 2020

On December 7 Moscow endorsed the Venezuelan National Assembly election. Russia has a close relationship with Venezuela based on oil interests and common hostility to US hegemony. The US, EU and Organization of American States denounced the election as a sham. The opposition dismissed the electio...

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