What Kommersant, RBC, Vedomosti, Interfax and Forbes Russia report — selected and summarized in English every morning, for readers who don't read Russian. Analysis-grade sourcing, no wire rehash. Data context in the Russia Terminal. Regional wires: Central Asia · Caucasus.
Russia's Finance Ministry halted government bond auctions as equities touched a 45-month low, export prices weakened, and the fuel market showed first signs of stabilization.
The Finance Ministry suspended auctions for OFZ federal bonds, citing the need to "support stabilization of the market situation"; auctions scheduled for 22 and 29 July will not take place. The move follows a failed auction on 15 July, which drew no bids at acceptable prices, and threatens the ministry's plan to raise 1.5 trillion rubles (ca. $19bn / €17bn) in Q3. The same day, the MOEX index fell below 1,900 points for the first time since October 2022 — its 19th consecutive week of decline — before rebounding above 2,000; the Central Bank's rate decision is due 24 July.
Source: Forbes Russia, 20 Jul 2026
Russia's current account surplus reached $8.1bn in May, up from $6.2bn in April, bringing the January–May total to $27bn — 24% above the same period of 2025, per Central Bank data. The support is fading: Gazprombank estimates oil export prices fell about 27% month-on-month in June, and the Price Index Center reports Russian export goods selling at roughly a 15% discount to world benchmarks. With imports still rising and the real effective ruble rate up 21.8% year-on-year in Q1, analysts at Raiffeisenbank and the Gaidar Institute expect a weaker external balance and ruble in the second half.
Source: Kommersant, 21 Jul 2026
The Bank of Russia's gold reserves stood at 73.4 million troy ounces on 1 July, the lowest since February 2020, after a decline of 500,000 ounces over May and June. The regulator has sold 34 tonnes since the start of the year, including 6 tonnes in May, making Russia the largest seller among the world's central banks, according to the World Gold Council — even as central banks globally added 41 tonnes in May. Total holdings now stand at 2,292 tonnes.
Source: Kommersant, 20 Jul 2026
Refineries with combined capacity of about 40 million tonnes a year have resumed fuel sales on the St. Petersburg exchange after planned and emergency repairs, according to Platts analysts cited by Kommersant; large plants accounting for over 45 million tonnes remain offline. An industry source said queues at filling stations are shrinking and the peak of the shortage has passed, though gasoline stocks fell to 1.7 million tonnes (down 4% year-on-year) and could decline further to 1.5 million tonnes. Full or partial fuel-sale restrictions remain in force in 80 of 89 Russian regions, per RBC, after drone strikes disabled part of the country's refining capacity.
Source: Forbes Russia, 20 Jul 2026
China exported passenger cars worth $6.24bn to Russia in the first half of 2026, up 134.7% year-on-year, according to Chinese customs data. Total exports of vehicles and components reached $7.89bn, up 97.4%, and now account for 13% of China's export revenue in the Russian market; truck shipments rose 55.2% to $456mn and components 14.3% to $1.19bn. The figures underline how fully Chinese manufacturers have absorbed the Russian auto market left by departed Western brands.
Source: Vedomosti, 20 Jul 2026