Meanwhile in Russian Media… This image of Putin 😂 www.gazeta.ru/politics/new...

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Here is a look at the Russian Government Bond Index www.investing.com/indices/russ...

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The amount “in stock” is the FACE VALUE of the bond, NOT the amount people pay for it. So you can see that the proceeds from today’s placement are less than the placement amount. So you have to adjust for that.

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I don't know how much they can realistically pull from accumulated balances and they haven't given us an actual plan here, just "vibes" But...when I'm piecing together what that looks like, there's a strong chance they don't have enough bonds "in stock" to get there.

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Conclusions: I think Russia's actual available cash levels for long-term federal deficit financing started this year, at most, at ~2.3tr rub. They really need to find cash. If any of you understand Russian budget law & accounting better, please comment.

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