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Russia's current account surplus in September 2023 is barely down from September 2022, despite the G7 price cap. The average price of Urals oil was $82 per barrel in September 2023, compared to $69 in September 2022. Without the cap, the surplus would be even higher. However, there are concerns about whether the cap is working effectively. Putin's energy windfall is back, with Russia's September 2023 surplus reaching $14 billion, exceeding the seasonal norm of $5 billion. This "excess" surplus of $9 billion indicates that the West has failed to address the issue of the G7 cap. Russia's current-account surplus unexpectedly rebounded in the third quarter, driven by energy sales. The surplus was in line with the forecast of $13 billion, indicating that there is nothing suspicious about it. Ukraine continues to lose $2 billion in official foreign exchange reserves monthly, and it is crucial to lower the G7 cap and improve its enforcement to prevent Russia from benefiting. The massive current account surplus in September 2023 is seen as terrible news for the G7 cap, which aims to prevent Russia from having another energy windfall like in 2022. Russia has imposed capital controls to stem the drop in the ruble, which is the third-worst-performing currency in emerging markets this year. This move comes as the ruble continues to weaken, and Putin has signed a decree requiring 43 Russian export companies to sell their foreign currency earnings on the domestic market. The exchange rate will be set by the government.
🔴 SENIOR TREASURY OFFICIAL: RUSSIA PAYS ABOUT $36 A BARREL TO EXPORT OIL USING NON-WESTERN SERVICES OUTSIDE THE CAP.
Russian rouble rebounds after Kremlin brings back capital controls https://t.co/ih5fhHMfRW
As the ruble continues to weaken, Putin has signed a decree obliging 43 Russian export companies to sell their foreign currency earnings on the domestic market. The exchange rate will be set by the government. https://t.co/xyZOClbYQD
Russia imposed some capital controls to stem a drop in the ruble, the third-worst-performing currency in emerging markets this year https://t.co/i0RedbXawt
BRICS!!! Lol Russia and China both effectively have capital controls now. Russia just put up capital controls today after ruble collapsed from 70s to almost 100 to the USD No rich people want their money in either economy! Say hello to all the BRICS/dollar doom crew below! https://t.co/bdlgd3ZI3a
Russia imposed some capital controls to stem a drop in the ruble, the third-worst-performing currency in emerging markets this year https://t.co/vEVcSBXTar
Russia imposed some capital controls to stem a drop in the ruble, the third-worst-performing currency in emerging markets this year https://t.co/bDBhubBBjl
RUSSIA IMPOSES CAPITAL CONTROLS AS RUBLE WEAKENS
*RUSSIA IMPOSES CAPITAL CONTROLS AS RUBLE WEAKENS
Russia's big current account surplus in Sep. '23 is terrible news for the G7 cap. The cap aims to prevent Russia from having another energy windfall like in 2022, but this surplus is massive. Greek oligarchs made this possible by selling ships to Putin. The EU let it happen... https://t.co/5kOEyEsoK6
Ukraine continues to lose $2 bn in official foreign exchange reserves monthly. Western cash transfers have more than offset this outflow, but it has never been more important to lower the G7 cap and improve its enforcement. The West needs to stop enabling Russia's war machine... https://t.co/30WXhM3fl9
There's nothing suspect about Russia's huge current account surplus in Sep '23. Russia's oil export taxes jumped in Sep '23 (blue) and forecast a surplus of +$13 bn. At +$14 bn, that's exactly what we got (black). Putin's energy windfall is back. The West is letting it happen... https://t.co/vEVDBt3Izb
Russia's Sep. '23 current account surplus is barely down from Sep. '22. This doesn't mean the G7 price cap isn't working. Urals oil price averaged $82 per barrel in Sep. '23 vs $69 in Sep. '22. Without the cap, the surplus would be much higher. But is the cap working well? No... https://t.co/6ghRHzx8de
Russia’s current-account surplus unexpectedly rebounded in the third quarter, driven by energy sales https://t.co/KsmEQcoETc
Putin's energy windfall is back big-time. The seasonal norm for the September current account is a surplus of +$5 bn. Russia's Sep '23 surplus swamps that at +$14 bn, an "excess" surplus of +$9 bn. The West totally dropped the ball with the G7 cap. This shouldn't be happening... https://t.co/XI0pt5l9ia