Russia’s financial markets rallied in response to yesterday’s announcement, with blue chips rising 15 percentage points at the news. Financiers warned, however, that this could yet prove a flash in the pan. There would need to be firm evidence, they said, that the government was serious about reform for the rise to be sustained. (Itar-Tass, July 13; Financial Times, July 14)
MOSCOW AND TOKYO REITERATE DETERMINATION TO IMPROVE TIES.