The main events by the morning: May 17

• Russia has updated the minimum for the use of the dollar and the euro in foreign trade. The share of unfriendly currencies in the Russian economy continues to decline: over the year it decreased by 2.2 times, and in March – by 5 percentage points, reaching a level of only 17.8%.

• The ECB once again expresses concern about geopolitical tensions and high interest rates. In a statement, the regulator said that EU countries remain «vulnerable to adverse shocks» caused by geopolitical factors and continuing high interest rates, which makes it difficult to reduce public debt.

• Mining in Russia continues to gain popularity. According to experts, the cryptocurrency mining market retains high potential and may grow by 20-40% in 2024. Mining remains profitable, but requires legislative regulation and is associated with the risks of technical failures and volatility of cryptocurrencies.

• In the United States, it was proposed to dissolve the Federal Reserve system. The idea was supported by more than 20 congressmen. A bill on the dissolution of the Federal Reserve has been submitted for discussion in the House of Representatives. The initiator was Republican Thomas Massie, who blames the Fed for rising inflation.

• The Estonian Parliament is ready to confiscate frozen assets of Russia. The adopted law allows the transfer to Ukraine of assets of Russian legal entities and individuals frozen by international sanctions, if they have contributed to the implementation of their own.

• Russia and China are planning to sign a contract soon to begin construction of a gas pipeline through Mongolia. In the near future, the parties will finish considering the details.