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CPI Expected to Accelerate to +3.30% y/y in June

RUSSIA
  • Russia’s flagship Urals crude oil rose to the cusp of a price cap that G7 nations imposed in an effort to cut the Kremlin’s funding for the war in Ukraine, Bloomberg report. If Urals surpasses the $60 threshold, then almost no Russian crude cargoes should be being transported using western services including insurance, shipping and financing. The price rose to $59.98 a barrel, according to data from Argus Media.
  • Foreign Minister Sergei Lavrov visits Indonesia today to attend a meeting of the Association of Southeast Asian Nations (ASEAN). "The day will mostly focus on bilateral and multilateral meetings.” Russia’s Foreign Ministry Spokeswoman said. She said there will be a trilateral meeting involving Russia, China and Indonesia.
  • Ahead of the meeting, Lavrov told Indonesia’s Kompas newspaper "We do not define the current phase of international relations as a new Cold War. The issue at hand is different and is about something different, namely, the formation of a multipolar international order.”
  • CPI data is on the docket this afternoon (1700BST/1900 local time). The headline figure is seen accelerating to +3.30% y/y from +2.51% in May. The monthly figure is expected to cross at +0.50% (Prior: +0.31%).

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