Russia: No Concerns Over Macro Stability
Russia's Kremlin says there are no grounds for concern about macro stability in the country despite oil market volatility
**Reminder: On Jun 19th, Bank of Russia cut rates only 25 bps to 14.25%, smaller than the 50 bps analysts expected, while flagging fuel-supply, inflation and budget risks - **Insight: Recent context makes the denial notable: gasoline prices have risen sharply, fiscal-deficit concerns are elevated, and the Finance Ministry has been increasing FX/gold purchases to manage the ruble and rebuild reserves