MOSCOW (Reuters) - Scientists gave Russia’s Sputnik V vaccine the green light on Tuesday saying it was almost 92% effective in fighting COVID-19 based on peer-reviewed late-stage trial results published in The Lancet international medical journal.

Experts said the Phase III trial results meant the world had another effective weapon to fight the deadly pandemic and justified to some extent Moscow’s decision to roll out the vaccine before final data had been released.

The results, collated by the Gamaleya Institute in Moscow that developed and tested the vaccine, were in line with efficacy data reported at earlier stages of the trial, which has been running in Moscow since September.

“The development of the Sputnik V vaccine has been criticised for unseemly haste, corner cutting, and an absence of transparency,” said Ian Jones, professor at the University of Reading, and Polly Roy, professor at the London School of Hygiene & Tropical Medicine.

“But the outcome reported here is clear and the scientific principle of vaccination is demonstrated,” the scientists, who were not involved in the study, said in a comment shared by The Lancet. “Another vaccine can now join the fight to reduce the incidence of COVID-19.”

The results were based on data from 19,866 volunteers, of whom a quarter received a placebo, the researchers, led by the Gamaleya Institute’s Denis Logunov, said in The Lancet.

Since the trial began in Moscow, there were 16 recorded cases of symptomatic COVID-19 among people who received the vaccine, and 62 among the placebo group, the scientists said.

This showed that a two-dose regimen of the vaccine - two shots based on two different viral vectors, administered 21 days apart - was 91.6% effective against symptomatic COVID-19.

‘RUSSIA WAS RIGHT’

The Sputnik V vaccine is the fourth worldwide to have Phase III results published in leading peer-reviewed medical journals following the shots developed by Pfizer and BioNTech, Moderna and AstraZeneca.

Pfizer’s shot had the highest efficacy rate at 95%, closely followed by Moderna’s vaccine and Sputnik V while AstraZeneca’s vaccine had an average efficacy of 70%.

Sputnik V has also now been approved for storage in normal fridges, as opposed to freezers, making transportation and distribution easier, Gamaleya scientists said on Tuesday.

Russia approved the vaccine in August, before the large-scale trial had begun, saying it was the first country to do so for a COVID-19 shot. It named it Sputnik V, in homage to the world’s first satellite, launched by the Soviet Union.

Small numbers of frontline health workers began receiving it soon after and a large-scale roll out started in December, though access was limited to those in specific professions, such as teachers, medical workers and journalists.

In January, the vaccine was offered to all Russians.

“Russia was right all along,” Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF), which is responsible for marketing the vaccine abroad, told reporters on Tuesday.

He said the results supported Russia’s decision to begin administering Sputnik V to frontline workers while the trial was still underway, and suggested scepticism of such moves was politically motivated.

“The Lancet did very unbiased work despite some of the political pressures that may have been out there,” he said.

EFFECTIVE IN ELDERLY

The number of people vaccinated in Russia has remained low so far. Authorities have pointed to some early issues with scaling up production while polls have shown low demand among Russians for the vaccine.

Russia has already shared data from its Phase III trial with regulators in several countries and has begun the process of submitting it to the European Medicines Agency (EMA) for approval in the European Union, Dmitriev said.

The data release comes as Europe scrambles to secure enough shots for its 450 million citizens due to production cuts by AstraZeneca and Pfizer. The U.S. roll-out, meanwhile, has been hampered by the need to store shots in ultra-cold freezers and uneven planning across states.

There were 2,144 volunteers over 60 in the Sputnik V trial and the shot was shown to be 91.8% effective when tested on this older group, with no serious side-effects reported that could be associated with the vaccine, The Lancet summary said.

RDIF’s Dimitriev also said the Gamaleya Institute was testing the vaccine against new variants of COVID-19 and the early signs were positive.

The vaccine was also found to be 100% effective against moderate or severe COVID-19, as there were no such cases among the group of 78 participants who were infected and symptomatic at 21 days after the first shot was administered.

Four deaths of participants occurred, but none was considered associated with vaccination, The Lancet said.

“The efficacy looks good, including in the over 60s,” said Danny Altmann, a professor of immunology at Imperial College London. “It’s good to have another addition to the global arsenal.”

ONE DOSE VERSION

The authors of the study noted that because COVID-19 cases were only detected when trial participants reported symptoms, further research was needed to understand Sputnik V’s efficacy on asymptomatic cases and transmission.

Sputnik V has been approved by 15 countries, including Argentina, Hungary and the United Arab Emirates and this will rise to 25 by the end of next week, the RDIF’s Dmitriev said.

The sovereign wealth fund also said vaccinations using Sputnik V will begin in a dozen countries including Bolivia, the United Arab Emirates, Venezuela and Iran.

Hungary was the first member of the European Union to break ranks and unilaterally approve the vaccine last month. It is set to receive a first batch of 40,000 doses on Tuesday.

Germany has said it would use Sputnik V if it is approved by Europe’s drug regulator while France has said it could buy any efficient vaccine.

However, large shipments of the shot have only been sent so far to Argentina, which has received enough doses to vaccinate about 500,000 people. Production for export will primarily be done by RDIF’s manufacturing partners abroad, the fund has said.

On Tuesday, Dmitriev said production had started in India and South Korea, and would launch in China this month. Trial doses have also been produced by a manufacturer in Brazil.

Russia is conducting a small-scale clinical trial of a one-dose version of the vaccine, which developers expect to have an efficacy rate of 73% to 85%.

Additional reporting by Kate Kelland in London; Writing by Polina Ivanova; Editing by Mark Potter and David Clarke

Drugs giant Pfizer has said it expects $15bn (£11bn) of sales this year of the coronavirus vaccine it developed with German firm BioNTech.

The vaccine was one of the first to be authorised for use by countries including the UK and the US.

The vaccine sales represent a quarter of its expected revenue for this year.

Many countries around the world have been scrambling to vaccinate their populations in a bid to save lives and aid economic recovery.

Pfizer is trying to deliver two billion doses of the vaccine in 2021 as quickly as possible as countries rush to sign supply deals.

In the fourth quarter of last year, the vaccine brought in sales of $154m for Pfizer.

Out of the firms rushing to bring vaccines to market, analysts expect at least Pfizer and rival American biotech company Moderna to make billions of dollars this year.

There have been concerns that global wrangling over supplies could disrupt delivery schedules.

Over the weekend, the European Union backtracked on a decision to trigger an emergency provision in the Brexit deal that could have prevented shipments entering the UK.

The plans had been part of the EU's new export controls on vaccines to try combat delivery shortfalls.

On Tuesday, Japan said it would get all of the vaccine doses it had bought from Pfizer and BioNTech after concerns that the EU export controls could have delayed Japan's inoculation programme.

Japan is trailing most major economies in starting vaccinations, because of its reliance on overseas drugs firms and an insistence that vaccines go through domestic trials.

The country plans to start its campaign in mid-February with the Pfizer/BioNTech jab.

Pfizer and BioNTech have increased manufacturing capacity to more than two billion doses a year from 1.3 billion to meet demand, BioNTech chief executive Ugur Sahin said on Tuesday.

"Therefore we are confident that we will deliver the doses that we have promised to Japan," he said.

Feb. 2 (Xinhua) -- The total number of COVID-19 cases in Mongolia has increased to 1,832, the country's National Center for Communicable Diseases (NCCD) said Tuesday.

A total of 18 more locally transmitted cases were reported in the past 24 hours after 9,415 tests had been conducted across the country, the NCCD said in a statement.

The latest confirmed cases were detected in the country's capital Ulan Bator, the center said.

Meanwhile, 13 more patients have recovered from the disease, bringing the total number of recoveries in the country to 1,371, it added.

The Asian country has so far recorded four COVID-19-related deaths since confirming its first case of COVID-19 in March. Enditem

Feb. 2 (Xinhua) -- Chinese Premier Li Keqiang on Monday extended congratulations to Luvsannamsrai Oyun-Erdene on taking office as Mongolia's prime minister.

In his congratulatory message, Li said China and Mongolia are friendly neighbors connected by mountains and rivers and bilateral relations have maintained sound momentum for development.

Since the outbreak of the COVID-19 pandemic, Li said, the two peoples have helped and supported each other and achieved positive results in their joint fight against the virus, writing a new chapter in their traditional friendship.

Under the new circumstances, China-Mongolia relations are facing new development opportunities, he said, adding that China is willing to work with Mongolia to lift the China-Mongolia comprehensive strategic partnership to a higher level. Enditem

Fitch Ratings-Hong Kong/London-01 February 2021: The appointment of a new prime minister, Luvsannamsrai Oyun-Erdene, on 27 January from within the ruling Mongolian People’s Party (MPP), and the quick formation of a new cabinet signal that the sudden collapse of the previous administration will not compromise economic policy continuity or the near-term growth outlook, says Fitch Ratings.

The resignation of the previous prime minister following protests in the capital, Ulaanbaatar, over the government’s handling of the coronavirus pandemic highlights the fragile hold that recent administrations have had on power, with four prime ministers over the last five years. Nonetheless, Mongolia’s recurring bouts of political volatility are captured in the current ‘B’/Stable rating, which we affirmed in May 2020. Recent developments also appear unlikely to affect access to financing from multilateral and bilateral creditors, which has provided an important cushion during the pandemic.

The political changes could have a greater impact on sovereign creditworthiness if they result in a shift in the government’s policy approach towards strategic mining projects, such as the massive Oyu Tolgoi (OT) copper-gold mine. In affirming Mongolia’s rating in May, we indicated political instability sufficient to significantly disrupt strategic mining projects or FDI as a factor that could contribute to negative rating action.

Media reports suggest the recently re-appointed Minister of Justice and Internal Affairs had previously pushed for amendments to the financing and development agreement for OT, in which the government is a minority shareholder. However, the new prime minister has yet to take a formal position on the matter. Relations between the government and the mine’s major investor, Rio Tinto (A/Stable), have long been fractious, and an approaching presidential election, due on 9 June, appears likely to provoke further calls to revisit the project’s commercial terms.

Our assumption remains that the government will proceed with caution, seeking to avoid significant disruptions to the mine’s development that would have severe implications for Mongolia’s near-term macroeconomic stability. We also believe Rio Tinto will proceed in a similar fashion, given the considerable investment it has already made in the country. The new prime minister previously headed the government’s Oyu Tolgoi working group, and Rio Tinto appointed a Mongolian as Copper Chief Executive in January.

The protests were fuelled by dissatisfaction with the government’s heavy-handed approach to social distancing measures, including border closures that have left many Mongolian nationals stranded overseas, as well as calls for greater economic relief. Mongolia’s case levels remain comparatively low, but control measures were tightened in late-2020 after the discovery of locally transmitted Covid-19 infections, which has further dampened economic activity.

An upturn in mineral exports has served to offset the negative impact on domestic demand, as China’s imports of Mongolian coal and copper have ramped up in line with its investment-driven recovery. Mongolian exports fell by 28.2% yoy in 1H20, amid temporary restrictions on shipments as part of virus containment efforts, but recovered sharply in 4Q20.

We expect strong export growth to continue through 1H21, owing largely to base effects, but sequential demand from China is likely to ease later in the year as the authorities there pare back fiscal stimulus measures. Combined with a recovery in domestic activity, we forecast this will push GDP growth in Mongolia to 6.1% in 2021, following an estimated contraction of 5.2% in 2020.

Mongolia remains vulnerable to external shocks in light of its narrow economic base, heavy reliance on external funding, and low foreign-reserve buffers. However, near-term external risks have declined after the issuance of a USD600 million sovereign bond in late-September. Foreign reserves stood at USD4.5 billion at end-December, against approximately USD2.4 billion in sovereign external debt maturities over 2022-2023.

Contact:

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Associate Director, Sovereigns

+852 2263 9629

Fitch (Hong Kong) Limited

19/F Man Yee Building

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Andrew Fennell

Senior Director, Sovereigns

+852 2263 9925

Oliver Schuh

Senior Director, Corporates

+44 20 3530 1263

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Senior Director, Fitch Wire

+852 2263 9993

Media Relations: Alanis Ko, Hong Kong, Tel: +852 2263 9953, Email: alanis.ko@thefitchgroup.com

Wai Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@thefitchgroup.com

The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article can be accessed at www.fitchratings.com. All opinions expressed are those of Fitch Ratings.

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A law firm representing a former Mongolian official caught up in an investigation into alleged corrupt mining payments connected to one of the world’s largest copper and gold deposits is launching an international pressure campaign to get the charges dropped.

Amsterdam & Partners has defended former prime minister Chimed Saikhanbileg for the past year against what the firm calls a “series of fabricated criminal charges aimed at weakening democratic opposition in the country and seizing control over the country’s mineral wealth.” Now the firm, which is based in Washington and London, has also registered as a foreign agent for Saikhanbileg as it prepares to advocate on his behalf with policymakers and the media in the United States and abroad.

In addition to its pre-existing legal representation, the firm will now offer pro bono services that aim to influence US policy “by highlighting the declining state of the rule of law and the increasing incidents of human rights abuses in Mongolia under the current government,” Amsterdam said in its lobbying filing with the US Department of Justice. The firm “plans to carry out these activities by means of lobbying, promotion, public relations and preparation and dissemination of informational materials.”

A member of the opposition Democratic Party, Saikhanbileg served as prime minister in 2014-2016, helping to oversee the expansion of Anglo-Australian mining giant Rio Tinto‘s Oyu Tolgoi copper mine. The site, the largest financial undertaking in Mongolia’s history, is on track to become the fourth largest copper mine in the world by 2030.

“While the Mongolians are looking for a better relationship with the United States, they seem to be consistently backpedaling when it comes to rule of law.”

Saikhanbileg was arrested and briefly detained by Mongolia’s anti-graft agency in the spring of 2018 along with former prime minister Bayar Sanj, who helped negotiate the original 2009 agreement to develop the Oyu Tolgoi mine. The two men are accused of misusing their power in helping broker the investment and development deals unlawfully and without approval from the Mongolian parliament.

The probe was launched after the leaked Panama Papers revealed transfers to a Swiss bank account in the name of former Mongolian finance minister Bayartsogt Sangajav, who is also under investigation.

Part of the lobbying and public relations push is the dissemination of a 48-page white paper that details what Amsterdam & Partners calls the “persecution” of Saikhanbileg and warns of democratic backsliding in Mongolia.

“Mongolia is at a crossroads,” the white paper argues. “Long hailed as an ‘oasis of democracy’ in a difficult region of the world, there are worries that

this may be changing. Threats to the judicial independence of Mongolia’s courts and the instrumentalization of the country’s anti-corruption body and public prosecutor to serve political ends have set off alarm bells both inside Mongolia and throughout the international community.”

In an interview with Foreign Lobby Report on Monday, Amsterdam & Partners founder Robert Amsterdam said Saikhanbileg was “horribly treated” by current President Khaltmaagiin Battulga. Amsterdam said his firm aims to create political pressure on the government of Mongolia so it will drop the charges and Saikhanbileg, who has lived in the United States since being allowed to travel for urgent medical attention in 2019, can return home.

“These are allegations that have nothing to do with him personally. They have to do with the policies that he was involved in dealing with, and allegations that he abused his power by engaging in negotiations that were incredibly beneficial for the country,” Amsterdam said. “While the Mongolians are looking for a better relationship with the United States, they seem to be consistently backpedaling when it comes to rule of law.”

Amsterdam is registered as a foreign agent on the account along with lawyer Andrew Durkovic.

Julian Pecquet contributed to this report.

BY: Mikayla Easley

Mikayla Easley is a graduate student at the University of Missouri researching U.S. media coverage of Russia. In the past she’s worked at the Columbia Missourian and Vox Magazine as a reporter and editor, covering state government, public health and public safety. She is also a proud University of Michigan alumna.

Ulaanbaatar /MONTSAME/. On February 2, Prime Minister of Mongolia L.Oyun-Erdene, accompanied with government officials met with representatives from business entities and non-government organizations engaged in the construction industry in the country.

At the outset of the meeting, the newly-appointed Prime Minister highlighted that the government of Mongolia will give all round support to implement its policy to provide its population with housing accommodations. “For instance, a working group will be formed composed of representation from all sides in connection with the development of ‘Youth – 1, 2, and 3’ public housing projects of apartment complexes.”

Citizens who are provided with opportunities to live in housing apartment and access to quality healthcare services and educated are the key to build a ‘wealthy’ middle class, considers the PM.

After briefly introducing about Singapore’s experience in public housing, PM Oyun-Erdene exchanged views on how to achieve productive cooperation through public-private partnership with the participants of the meeting, and heard their views on pressing issues.

Representatives from the Mongolian National Construction Association assured that more than 160 entities and 100,000 employees are committed to contribute to carry out the government’s goal to provide 150,000 household families with housing, which was reflected in the government’s action plan. The representatives further stressed the importance of upgrading and expanding urban infrastructure and services and tackling issues surrounding property and land use in order to put the goal to increase apartment areas into action.

Mayor of Ulaanbaatar city D.Sumiyabazar who was present at the meeting noted that the capital city has pledged to provide its citizens with green and affordable housing apartments equipped with advanced technologies and that correspond with their income.

Minister of Finance B.Javkhlan assured that the ongoing housing mortgage program will continue as normal in the next four years and around MNT 60 billion of loan is expected to be disbursed to borrowers each month, and advised the construction companies to arrange their working plan in accordance with this.

After hearing the positions of all sides at the meeting, Prime Minister Oyun-Erdene has informed that a working group will be established, headed by Chief of Cabinet Secretariat Ts.Nyamdorj and comprised of representatives from corresponding government ministries, the Bank of Mongolia and nongovernmental sector.

He highlighted that young families in Mongolia as well as more than 200,000 families living in Ger districts in Ulaanbaatar city often find it hard to purchase apartments under the government’s housing mortgage program with 30-percent down payment and vowed to implement a long-term policy with 9 goals and 47 targets, which seeks to solve urban infrastructure challenges and build satellite cities in areas located 25 kilometers within Ulaanbaatar city, such as Bagakhangai, Terelj, Aerocity, Baganuur, Emeelt and so forth. When doing so, development of the satellite cities will be shaped under various categories of tourism, agriculture and trade, etc.

Ulaanbaatar /MONTSAME/ In 2020, MNT 2.4 trillion was spent from the state budget on preventing and combating COVID-19 pandemic and reducing its adverse impacts to the society and economy while MNT 1.7 trillion is budgeted for this year.

At its irregular meeting dated on February 1, the Financial Stability Council discussed this matter as well as measures taken within it by the Government, the Bank of Mongolia (BoM) and the Financial Regulatory Commission (FRC), their results, current condition of thestate budget and economy and further planned actions.

In addition to how to effectively activate economy in the future, they talked over the outcomes of the ongoing decisions including decreasing monetary policy rate and banks’ reserve requirement ratio each to 6 percent, putting off loan repayment by the citizens and entities until July 1, 2021, postponing repayment of mortgage loan and encouraging SMEs and non-mining exports by providing loan source with long-term re-financing.

Minister of Finance B.Javkhlan, President of the BoM B.Lkhagvasuren, Chairman of the FRC D.Bayarsaikhan, Executive Director of the Deposit Insurance Corporation D.Duulal and other officials attended the meeting.

LONDON (Reuters) - Britain made a formal request to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership on Monday, seeking membership of the 11-country deal to open new avenues for post-Brexit trade.

Announcing the move, trade minister Liz Truss said it would position Britain “at the heart of some of the world’s fastest-growing economies”.

The request comes on the first anniversary of Britain’s formal departure from the European Union before a transition period that ended at the end of 2020.

Britain is now adapting to the new terms of trade with the European Union, where frictionless trade has been replaced with a thin agreement that, in many cases, is making exporting to the EU more complicated and expensive

The CPTPP removes 95% of tariffs between its members: Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, Chile and Malaysia.

Britain has argued that the principle benefit of leaving the EU is the freedom to strike trade deals around the world, and is moving quickly to try and find a consensus on the need to revitalise global trade after a period of increased nationalism.

Reporting by Michael Holden, writing by William James; editing by Costas Pitas and Kate Holton

Russia’s gas exports to Europe hit a record high in January, according to analysts at VTB Capital, as pressure over the controversial Nord Stream 2 pipeline continues to mount.

Gazprom — Russia’s state-controlled monopoly gas exporter — delivered 19.4 billion cubic meters (bcm) to Europe in January, the Interfax news agency reported Monday. That is a 45% increase in deliveries compared with the same month in 2020, and a record high for monthly European shipments, VTB Capital analyst Dmitry Loukashov said.

At current spot prices for gas, the deliveries have a market value of more than $4.5 billion.

The record comes as Western pressure on Germany to ditch the Nord Stream 2 pipeline grows following the poisoning and arrest of Kremlin critic Alexei Navalny. European ally France on Monday added its voice to those urging Berlin to ditch the 10-billion-euro project, which is almost complete but has been frustrated by multiple U.S. sanctions efforts to stop Western ships and insurance companies cooperating with the construction.

The pipeline would double Gazprom’s capacity to pipe gas directly to Germany under the Baltic Sea, reducing reliance on the current transit route through Ukraine. Opponents to the project say it has a geopolitical element and would increase Europe’s reliance on Russia and the Kremlin for its energy supplies.

Gazprom’s shipments to China, which commenced at the end of 2019 through the high-profile Power of Siberia pipeline, also continued to rise, Loukashov noted, surpassing contracted volumes to hit 1bcm in January.