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Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan held a phone call to discuss bilateral relations. They focused on enhancing trade and economic cooperation, with plans for further contacts between relevant departments to address current issues on the agenda.
Investors are flocking to safe-haven currencies following the Kremlin"s nuclear doctrine announcement. The yen rose 0.5% against the dollar and 0.8% against the euro, reaching its highest level since October 4 at 161.50, despite a 7% decline since the beginning of the month. Traders remain vigilant for potential intervention from Japanese authorities as the yen weakened past the 156 per dollar mark for the first time since July.
Russian government revenue from the oil sector plummeted by 29% in October compared to the previous year, primarily due to declining crude prices and increased payouts to fuel producers. Oil-related taxes fell to 1.05 trillion rubles ($10.7 billion), down from 1.48 trillion rubles a year earlier, impacting financing for the war against Ukraine.
Russia's central bank has raised its key interest rate by 200 basis points to 21% to combat higher-than-expected inflation, which stands at 8.4% as of October 21. The bank warns of ongoing inflation risks, citing persistently high inflation expectations and adverse foreign trade conditions.
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