Putin prepares to stop propping up Russian markets

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Good morning.

Russian authorities are said to be preparing a step-by-step approach to rolling back capital controls that have propped up markets ever since the war began.

Discussions this week revolved around a potential extension of the deadline for exporters to convert their foreign earnings to roubles, and a lowering of the threshold below 80pc.

The move would raise questions over the efficacy of western sanctions, which were designed to bring the Russian economy to its knees.

Calls have been mounting for countries to target key imports of oil and gas from Russia to help cut off a crucial source of revenue, but Europe has so far been divided on the issue.

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