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EU Commission to Proceed With Oil Price Cap Plan as Soon as Today

RUSSIA
  • Politico report that the EU Commission are to proceed with proposals on a Russian oil price cap as soon as today, however will also soften sanctions on other commodities, effectively removing shipping bans on Russian fertilizers, cement and other products.
  • Uncertainty surrounds the reports of a blast at the Nord Stream pipeline earlier this week, with Germany suspecting sabotage and Denmark raising their security level in response. Wires speculate that if Russia is found responsible, it would mark a major escalation in tensions between Moscow and the west.
  • Following yesterday’s warning from Gazprom that Russia could sanction Ukraine’s national oil & gas co. Naftogaz, the Naftogaz CEO has said arbitration against Gazrom will proceed, although reports have also confirmed that gas flow via the Sudzha pipeline has remained at normal level: 41.6mln cubic meters are set to flow today.
  • EU’s Borrell this morning decried the referendum results from occupied territories in eastern Ukraine, stating that the EU denounces the illegal votes as well as the falsified outcome.
  • Weekly data takes focus going forward, with industrial production, retail sales, unemployment rate data and weekly CPI on the docket.
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  • Politico report that the EU Commission are to proceed with proposals on a Russian oil price cap as soon as today, however will also soften sanctions on other commodities, effectively removing shipping bans on Russian fertilizers, cement and other products.
  • Uncertainty surrounds the reports of a blast at the Nord Stream pipeline earlier this week, with Germany suspecting sabotage and Denmark raising their security level in response. Wires speculate that if Russia is found responsible, it would mark a major escalation in tensions between Moscow and the west.
  • Following yesterday’s warning from Gazprom that Russia could sanction Ukraine’s national oil & gas co. Naftogaz, the Naftogaz CEO has said arbitration against Gazrom will proceed, although reports have also confirmed that gas flow via the Sudzha pipeline has remained at normal level: 41.6mln cubic meters are set to flow today.
  • EU’s Borrell this morning decried the referendum results from occupied territories in eastern Ukraine, stating that the EU denounces the illegal votes as well as the falsified outcome.
  • Weekly data takes focus going forward, with industrial production, retail sales, unemployment rate data and weekly CPI on the docket.