Yesterday, the CBR offered only RUB 1.33tn for the one-week repo, i.e. RUB 100bn less than in the previous week. Total demand at the auction was RUB 1.7tn, so the whole offering size was secured at an average rate of 15.78%. Simultaneously, the Treasury allocated RUB 200bn on two-week deposits at an average rate of 15.37%, amid RUB 326bn of demand. Hence, the CBR’s liquidity sterilisation is to be offset by an injection on the fiscal side. To recap, the Treasury and VEB are to pump an additional RUB 260bn onto banks’ deposits until the end of the week. Still, yesterday banks borrowed RUB 102bn in the overnight repo window and RUB 31bn in FX swap from the CBR. The overnight FX swap rate closed at 15.1% (-102bp) yesterday, albeit the weighted-average overnight FX swap for the whole session came at 15.74%. NDF rates moved slightly further up, with 3M NDF closing at 18.2% (+10bp), while 6M NDF picked up 30bp to 17.5%. Longer dated XCCY swap rates closed mostly flat or slightly lower. We stick with the view that receiving front end rates and/or doing steepeners looks appealing at the current point.