SOVEREIGN ECONOMY: TOP EVENTS OF THE WEEK
The State Duma has adopted a law on a new budget rule. The State Duma on its meeting on Thursday, adopted in the third reading a law that establishes a new scheme for determining the primary oil and gas revenues of the federal budget from 2024, depending on the cost of oil, natural gas, export alternatives for AI-92 class 5 gasoline, and class 5 diesel fuel.
The ruble's depreciation is being transferred to an active increase in prices. The effect of the earlier depreciation of the ruble on prices continues to be actively implemented due to the high level of consumer demand, according to the commentary from the Bank of Russia on inflation. This is reflected in the increase in prices for foreign tourism and goods dependent on the exchange rate: passenger cars, petroleum products, electronics, and fruits.
The Russian Federation threatens the West with a mirror response to the use of income from frozen assets, said Russian Finance Minister Anton Siluanov. The current amount of funds in special ruble accounts of type "C", which includes blocking income from valuable securities belonging to "unfriendly" Kremlin non-residents, is not disclosed.
Lavrov in North Korea talked about supplying Pyongyang with energy carriers. At the meeting of the intergovernmental commission between Russia and the DPRK, scheduled for November, cooperation in the field of geological exploration and plans for energy carrier supplies will be discussed, said Russian Foreign Minister Sergei Lavrov at a press briefing in Pyongyang.
"Gazprom” claims about deliberately unattainable gas delivery plans to China. The volume of pipeline gas supplies to China shortly may reach the level that was exported to Western Europe, said Gazprom's CEO Alexey Miller. The planned volume for 2023 is 22 billion cubic meters and 2024 - 30 billion cubic meters. This is negligible compared to the 146 billion cubic meters supplied by Gazprom to EU countries in the pre-war year of 2021.