Today starts a sequence of important events – five important Thursdays in a row – which will serve to clarify the Kremlin's list of priorities and also what we may expect in terms of investment reforms and risks in 2015. Today President Putin delivered his annual address to the Federal Assembly (State of the Nation address).Nothing new or exceptional (see December macro Monthly to be issued in the coming days). Next Thursday (11 December) the Central Bank holds its last policy meeting of the year and is expected to clarify its ruble policy – if not forced to do so before then. On Thursday 18 December Putin holds his annual televised press conference and will answer questions from the audience and the public. Here also we usually get greater clarity on priorities and policy. That is the same day as the next EU Leaders Summit in Brussels, at which we should hear more comments about sanctions, etc. The followingThursday is 25 December and the fifth Thursday is New Year's Day. Rumors of Cabinet changes are already emerging in Moscow as the period between the Western Christmas and New Year is when such events tend to happen most often.