The main events by the morning: October 17

• Switzerland has imposed a ban on banks using any alternatives to SWIFT. The statement of the authorities does not specifically mention the Russian SPFS system – all such payment systems are subject to restrictions. In addition, the country has tightened measures regarding the export of goods and investments in Russian liquefied natural gas (LNG) projects, introducing a complete ban on these areas. 

• The European Union held the first ever summit with the countries of the Middle East, but it did not bring the expected results. Arab States have focused on discussing conflicts in the region, including Israel's war with Hamas in Gaza and Israel's operation in Lebanon. European representatives, in turn, tried to convince Middle Eastern countries to abandon cooperation with Russia and join the sanctions.

• Russian banks continue to raise deposit rates in the fight for liquidity. The average maximum rate of the largest banks has reached 19.78% – this is the second time in the history of observations when rates approach such levels. They were higher only in March 2022. In some banks, the rates range from 21% to 24%, which can negatively affect their marginality.

• In the United States, housing affordability has declined significantly during Biden's presidency. Under Trump, the housing affordability index was 168 points, and at the time of Biden's arrival it was 169.5. Now this indicator has fallen to 94.3 points, which is almost twice as bad.

• An emergency regime has been introduced in Kalmykia due to drought. The head of the region, Batu Hasikov, explained that this measure is necessary to reduce risks for farmers. The drought affected nine municipalities.

• Taiwan faces destruction in the event of an escalation of the political situation. China will never renounce the use of force against Taiwan, said Chen Binhua, chairman of the Office of Taiwan Affairs at the State Council of the People's Republic of China. He also noted that «if Taiwan takes a risk,» it could lead to the destruction of the island.