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EU Mulls Lower Gas Price Cap

RUSSIA
  • EU member states will today discuss a gas-price cap that’s almost one-third lower than an original proposal as they attempt to break a deadlock over the controversial proposal to contain the impact of a historic energy crisis, Bloomberg report. The Czech government, which holds the EU’s rotating presidency, suggested lowering the ceiling to €188 euros per megawatt-hour compared with the €275 proposed by the European Commission last month.
  • Russia and China will conduct naval manoeuvres with practical missile and artillery firing in the East China Sea Dec 21-27, the Russian Defense Ministry said, according to Interfax.
  • Governors of Russia’s major grain producing regions wrote to President Putin proposing a limit on the participation of foreign companies in grain export, RBC reported. The proposal is to allow non-residents to own no more than 20% in agriculture companies, including grain exporters, according to the letter.
  • PPI data, weekly CPI data and gold and forex reserve data are on the docket later this week.
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