The Central Bank of Russia announced, on Wednesday, the halt of publishing data on net sales of major foreign currency exporters, explaining that these numbers no longer reflect the complete picture of the movement of transactions, in light of an increasing number of them being carried out through third parties.
This step comes at a time when the Russian authorities continue to impose restrictions on the availability of information related to the energy sector. A presidential decree restricting the disclosure of some data entered into force on September 28, followed by a government decision that included oil and its derivatives, according to Reuters.
The Central Bank published the latest data on foreign currency exporters’ sales in October, which showed a decline in net sales to $2.1 billion in September, compared to $2.4 billion in August.
In response to a question about stopping the publication of data starting in November, the bank said that it is “continuously working to develop its methodology for calculating the various indicators, ensuring that they remain as up-to-date and relevant as possible.”
He added, “A large portion of exporters’ transactions are currently carried out through intermediary institutions. Therefore, data that is limited to their direct transactions does not reflect the full picture.”
The bank indicated that it will replace this data with a broader index that includes foreign exchange transactions for all non-financial companies. It was announced on Tuesday that the net foreign currency sales of these companies declined by 1.3 percent on a monthly basis, to $23.4 billion in October.
New restrictions on publishing data include aggregated customs statistics, as well as information on oil refining and production and the trading of gasoline and diesel.
The cost of the material damage caused by the war between the United States and Iran in the Gulf states is estimated at more than $200 billion, while the cumulative economic losses may reach about $790 billion by 2030, according to a report by the insurance company Allianz Trade issued on Wednesday.
The Gulf states bore the brunt of the Iranian response, following the attacks launched by the United States and Israel on Iran on February 28, which sparked the war. Tehran responded by restricting navigation in the strategic Strait of Hormuz, and targeting civilian facilities, including airports, seaports, energy facilities, and prominent landmarks, in addition to American assets in countries allied with Washington, according to Agence France-Presse.
The company said in its report that the material damage across the region is estimated at slightly more than $200 billion, most of which was concentrated in the economies bordering the Strait of Hormuz, especially in the energy sector infrastructure.
The report added that more than 80 energy facilities were targeted during the war, most of which were concentrated in Kuwait, Qatar and Bahrain, indicating that about a third of these facilities sustained serious damage.
The repercussions of the war were not limited to the physical damage to the energy infrastructure, but rather extended to other sectors, including tourism and real estate, which are expected to witness a slowdown in growth in the coming years.
Allianz Trade estimated the total cost of the war on the Gulf Cooperation Council countries at about $790 billion, equivalent to a cumulative gap of 5.9 percent of GDP compared to the growth path that was expected before the war until 2030.
The report explained that these estimates reflect the cumulative losses in economic output during the period between 2026 and 2030, that is, the difference between the volume of production that was expected according to the pre-war growth path, and what the region’s economies are likely to achieve after its outbreak.
To compensate for some of these losses, the Gulf countries are expected to redirect part of their sovereign fund investments towards local projects. The report suggested that the external surplus would decline by half, with this being partially compensated by increased reinvestment of sovereign fund assets within the region, providing about $120 billion in additional domestic investments until 2030, at the expense of international investments.
The report added that the war accelerates the need to increase domestic spending, as governments’ priorities shift from mega projects to enhancing resilience and security-related projects.
He expected that the Gulf countries would increase their spending on infrastructure and defense locally to between $380 and $400 billion by 2030, providing investment opportunities estimated at about $160 billion for private sector and foreign investors.
Ethiopian Prime Minister Abiy Ahmed said that his country will place early action and financing the response to climate risks at the top of the priorities of the COP 32 conference, which Ethiopia will host, stressing the need to provide financing in advance so that it reaches the communities most exposed to risks before disasters strike.
In his speech at the COP 31 conference in Turkey, Abiy Ahmed said that funding allocated to respond to climate risks must be agreed upon in advance, so that it can move quickly when warnings are issued, adding: “Funding must arrive when warnings are issued, and it must reach first the communities most exposed to risks.”
He called for climate financing pledges to include clear details about the amount of financing, when it will be made available, and on its conditions, saying: “Financing pledges must answer three questions: How much is the financing? When will it be available? What are its conditions?”, explaining that clarity of these details helps governments prepare their budgets, investors make their decisions, and societies prepare.
He pointed out that developing countries pay about a trillion dollars annually in interest on their public debts, considering that high borrowing costs limit their ability to invest in enhancing their ability to confront the repercussions of climate change. He said that reducing these costs is “a test of our collective credibility.”
In his review of his country's efforts, the Ethiopian Prime Minister explained that more than 90 percent of electricity in Ethiopia comes from hydropower, including the electricity supplied to neighboring countries, noting that his country is working to diversify energy sources by developing wind, solar, and geothermal projects, in addition to planning for nuclear energy.
He added that Ethiopia has planted more than 56 million trees as part of initiatives in which millions of citizens participate annually, with the aim of restoring degraded lands and expanding forest cover, noting that these initiatives have contributed to providing job opportunities and improving livelihoods.
In the field of adaptation to climate change, he said that his country uses satellite data to monitor land, and is working to improve weather forecasts using artificial intelligence to provide early warnings to farmers, in addition to benefiting from the digital identity system to reach families in need of support.
Regarding the transport file, Abiy Ahmed indicated that Ethiopia banned the import of gasoline and diesel cars as part of its move towards electric cars, calling on the countries most responsible for emissions and most capable of taking action to lead efforts to reduce them at a deeper pace during the current decade.
He stressed that Ethiopia will work in close cooperation with the COP 31 presidency to ensure the success of the next conference, noting that early action and providing funding when warnings are issued will be at the top of the COP 32 agenda.
He concluded his speech by saying: “Our farmers were confident that the seasons would come on time, so let us make sure that our support arrives on time as well.”
