SOVEREIGN ECONOMY: TOP EVENTS OF THE WEEK

The Ministry of Finance has explained the unpredictability of tax policy growth in government spending. Decisions in tax policy are driven by the need to meet the budgetary commitments, and their unpredictability is not a whim of the Ministry of Finance, but a consequence of expenditure decisions, said Deputy Minister of Finance of the Russian Federation Alexey Sazanov. According to Sazanov, tax tactics "are forced to become adaptive because we have no other choice."

Gazprom has reduced gas production by 25% in the first half of the year. Gazprom has published its operational indicators for gas production and supplies for the first time this year. Previously, the company reported this data twice a month until the end of 2022. The decrease in production is due to a dramatic reduction in deliveries to the European market.

Kassym-Jomart Tokayev, the President of Kazakhstan, stated that Kazakhstan will definitely follow the sanctions regime against Russia. "Kazakhstan has unequivocally stated that it will follow the sanctions regime. We have contacts with relevant organizations to comply with the sanction’s regime," said the President of Kazakhstan during a meeting with German Chancellor Olaf Scholz.

Inflation in Russia has accelerated to 0.28% from September 19 to 25, exceeding 5.8% annually. Inflation in Russia has sharply accelerated to 0.28% from September 19 to 25 after 0.13% from September 12 to 18, as well as 0.13% from September 5 to 11 and 0.11% from August 29 to September 4, according to Rosstat.

Moscow dropped another 28 positions in the ranking of global financial centers. In the published annual Global Financial Centres Index (GFCI), Moscow, which had dropped 22 positions last year to 73rd place, continued to move down this year and ended up on 114th place, between Mexico (113th) and Tehran (115th).