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Belarus to receive US oil
RUSSIA / FSU POLITICS · In Brief · 17 May 2020 · 1 response

On May 17 Belarus announced that a shipment of oil has left Texas bound for Belarus. It will transit via Klaipeda, Lithuania. The Belarusian petrochemical company Belneftkhim is handling the shipment. It will not be received until June. United Energy Trading and Getka are the American companies i...

Russia withdraws unreliable ventilator model
RUSSIA / FSU POLITICS · In Brief · 17 May 2020

Moscow has decided to ban Aventa M ventilators made since April 1 by Ural Instrument Engineering Plant (UPZ) in Yekaterinaburg. Rostec the state holding owns the plant and is under sanctions from the US over other issues. The Aventa Ms which were manufactured before April 1 2020 are still allowed...

Nord Stream 2 subject to EU gas market rules
RUSSIA / FSU POLITICS · In Brief · 16 May 2020

On May 15 the German energy regulator stated that Nord Stream 2 will have to comply with EU rules on the gas market. Nord Stream 2 investors had hoped for an exception to be made. The pipeline will bring gas from Russia to Germany.An EU directive requires gas production and distribution to be ind...

Russian soccer to restart
RUSSIA / FSU POLITICS · In Brief · 16 May 2020

The Russian Premier League will open its season on June 21. This will be a major morale booster for a soccer obsessed nation. Spectators will not be permitted to attend games. Social distancing can be observed among players since they seldom come within 2 meters of each other. Athletic young men ...

Teich's resignation may intensify the crisis
BRAZIL POLITICS · Report · 15 May 2020

Nelson Teich’s resignation from the Ministry of Health poses yet another problem for the government to manage amid the worsening of the coronavirus pandemic. The second change of minister – the first to leave was Luiz Henrique Mandetta – shows that President Jair Bolsonaro lacks clear direction i...

The Russian budget and the current account remained in surplus in April and in 4M20
RUSSIA ECONOMICS · In Brief · 15 May 2020

The CBR and the Finance Ministry reported that Russia’s key balances, such that of the federal budget and the current account were in surplus in April. The former institution reported that the current account surplus reached $23.5 bln in 4M20 implying a surplus of around $1.8 bln in April alone. ...

Good news on GDP, the budget and the BOP
HUNGARY · In Brief · 15 May 2020

All of the following items are meant to be good news in relative terms only. But one needs to have moderate expectations in these days.No. 1: The first estimate on Q1 2020 GDP growth came out at -0.4% qoq, +2% yoy. This is pretty much around the top of the EU league table and is certainly much be...

Sechin as CEO of Rosneft for 5 more years
RUSSIA / FSU POLITICS · In Brief · 15 May 2020

On May 13 Vedomosti reported that Igor Sechin has been given another 5 year contract to head Rosneft. The government has signed the directive but not announced it. The board of Rosneft has to approve the decision for it to take effect. It is very probable that they will approve it. Sechin has bee...

GULF WEEKLY: New oil cuts and austerity as coronavirus trends diverge
GULF COUNTRIES · Report · 15 May 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: * Oil gained slightly as Saudi announced an extra 1m b/d cut in June and others followed. * Coronavirus growth slowed in Saudi and UAE...

GlobalSource Partners' Analyst Webinar Series featuring Igal Magendzo and Robert Funk: From protest to pandemic
CHILE · Report · 15 May 2020

Igal Magendzo and Robert Funk discuss the impact of the coronavirus crisis on Chile’s macro and political situation.

April's CPI surprises on the upside
ISRAEL · In Brief · 15 May 2020

April's CPI declined by 0.3% m/m compared to market expectations (and our own) of -0.5%. Inflation y/y declined to -0.6% from zero in March. The main surprise for us came from the housing (rental) item which declined by -0.2% m/m (we had expected -0.7%).Somewhat surprisingly, rental contract rene...

Two Russians regions to merge
RUSSIA / FSU POLITICS · In Brief · 15 May 2020

On May 13 it was announced that Arkhangelsk Region and Nenets Autonomous Oblast will merge into one region. Nenets has only 44,000 people. Nenets is effectively governed by Arkhangelsk, anyway, which has 1.1 million inhabitants.Nenets is rich due to oil and gas. The merger will boost Arkhangelsk'...

Managing the fallout from the covid-19 crisis
PHILIPPINES · In Brief · 15 May 2020

After revising its GDP growth target to a more realistic -2 to -3.4%, government is now crafting its economic recovery program in consultation with private sector stakeholders. I have been asked to provide feedback on the draft Philippine Program for Recovery with Equity and Solidarity (PH-PROGRE...

Political crisis “goes one step further”
BRAZIL POLITICS · Report · 14 May 2020

The temperature of the political clash between President Jair Bolsonaro and the governors remains quite high. Although Bolsonaro has stated that he is willing to talk to the governors, and the Provisional Measure (MP) that frees public officials from responsibility for any mistakes or omissions i...

COVID in action
CHILE · Report · 14 May 2020

Due to the early social isolation measures, and helped by a bit of panic, the Monthly Index of Economic Activity (IMACEC) contracted by 3.5% in the 12 months to March. Moreover, in March the seasonally adjusted non-mining IMACEC declined by 6.1% m/m. March retail sales, the first to capture the e...

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