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  • Senior US Treasury officials believe that any price cap measure wagered against Russian oil would not need a rigid enforcement mechanism in order to be effective. The officials said governments would allow buyers to negotiate for Russian crude oil, and then qualify for an exception from the insurance ban on the condition of them securing a price below the cap.
  • Russia are to go further in creating their own oil benchmark next year, with various ministries, the CBR and oil producers all currently working on the project. The project aims to establish a benchmark between March and July of next year.
  • Hungarian PM Orban has spoken out against EU sanctions plans on Russia, claiming that the EU’s plans have backfired, foreseeing a recession across the Eurozone this year.
  • Izvestia report that a reciprocal ban on the entry of European trucks into Russia as a result of EU sanctions may come into force from October onwards.
  • The state Duma holds a special session later today, marking the appointment of Manturov as deputy prime minister. Money supply data also crosses, covering the period up to July 8th.

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