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EU “Inching Towards” Oil Price Cap Agreement

RUSSIA
  • The EU is inching its way towards a Russian oil price cap this week according to diplomats. "Consultations have been ongoing since last Wednesday and we are inching towards an agreement, we are closer and closer," one diplomat said. Poland, Lithuania and Estonia have been pushing for a cap of around $30/bbl, which is a long way from the discussions which are around the $62/bbl level.
  • Vladimir Putin’s generals are still seeking to advance in Ukraine’s eastern Donbas region despite suffering “extremely large losses,” Volodymyr Zelensky said on Wednesday. Ukraine’s president also said that “the situation at the front is difficult”, which will be seen as a sign that his military is also being hit with heavy casualties, The Evening Standard write. The Washington-based think tank the Institute for The Study of War said Russian forces had made “marginal gains” around Bakhmut in the Donetsk province but “remain unlikely to have advanced at the tempo that Russian sources claimed”.
  • The Federal Statistics Service will publish macroeconomic data at 1600GMT/1900 local time. Releases include retail sales data (Exp: -12.0%), unemployment rate figures (Exp: 4.1%, Prior: 3.9%) and weekly CPI data.
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