Former Central Bank head Ignatyev will leave the post of Nabiullina’s advisor, and Polymetal may separate its Russian business from its Kazakh business – these and other important news for Tuesday morning, March 29, in our daily review.

U.S. President Joe Biden has submitted a budget proposal to Congress for the next fiscal year beginning October 1. This is Biden’s prioritized list of proposals that Congress will decide on. The $5.79 trillion plan includes record defense spending, aid to Ukraine, tax hikes for the richest Americans and companies, and reducing the national deficit, Reuters reports.

The international agency Moody’s Investors Service in a new review considered among the scenarios for the development of the situation in Ukraine the possibility of confrontation between Russia and NATO. In case of a hypothetical conflict in the countries involved, NATO will have to resort to nationalization, money printing by central banks, and the elimination of high debt burden will require measures like “after World War II,” RBC reports citing the new review of the agency.

Gold mining corporation Polymetal may split its Russian and Kazakh businesses to avoid investors fleeing the assets. Each of the new companies will have its own listing on the stock exchange, Financial Times reports citing sources.

The Central Bank of Russia gave recommendations on the conversion of payments on foreign currency mortgages. Loans borrowers, applications for which will be received in banks before May 31, should be converted at the official exchange rate on February 18, the regulator informed in a letter.

Ex-head of the Central Bank Sergei Ignatiev will leave the post of adviser to the current Chairman of the Bank of Russia Elvira Nabiullina on March 31 and retire. Ignatiev headed the Central Bank in 2002-2013.