Yesterday, RUB erased some of Monday’s losses, even though crude oil closed slightly in red at USD 58.30/bbl. However, during the session Brent briefly traded above USD 60/bbl, which encouraged risk sentiment in the Russian exchange market. We think the key support came from export selling flows ahead of today’s taxes (MET and VAT combined), while some pick-up in the money market rates was a helping hand for the FX spot as well. In the end, RUB firmed 1.3% against USD to close at 62.90. Meanwhile, EM FX index gained 0.5-0.7%, with ZAR up 1.4%, while MXN and BRL advanced 1.2% and 1.7%, respectively. Commodity-backed NOK closed 0.4% in the black.