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EU Confident of Oil Price Cap Plan Today, Despite Internal Division

RUSSIA
  • EU diplomats remain optimistic over the prospects of a Russian oil price cap as soon as today, with diplomats looking to press ahead despite divisions over the plan’s design. Some territories see the proposed cap on Moscow of $65/bbl as too lenient, while others want a higher cap on prices.
  • RBC reports that the level of foreign currency deposits in Russian accounts has dropped to the lowest level in a decade and is now below $60bln.
  • Elsewhere, Izvestia writes that around one-third of Russia’s annual government spending will be deployed in the final few months of 2022, amounting to RUB 9.3trl, or 32% of total spending. The concentrated spending comes as a result of payment of state contracts, transfer of salaries, pensions and intergovernmental transfers.
  • Russia’s deputy foreign minister this morning stated that Russia are not planning face-to-face contacts with the US, and that dialogue continues via telephone conversations.
  • Separately, Reuters reports that Russian and Ukrainian representatives met on November 17th to discuss a potential deal for ammonia exports and a prisoner exchange, with the meeting taking place in Abu Dhabi, according to unnamed sources.
  • Putin is due to speak later today at a conference on artificial intelligence in Moscow, while finance minister Siluanov attends the State Duma. The CBR are due to release their latest inflation expectation survey.
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