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EU Oil Ban Covers Near 90% of Russian Crude Supply

RUSSIA
  • The EU have announced an in-principle agreement to cut over two-thirds of all oil imports from Russia by end-22 (approximately 90% when factoring in separate German and Polish commitments to cut Russian crude supplies), sending crude to levels last witnessed around mid-March.
  • As speculated, the ban temporarily excludes pipeline-delivered oil supplies – a measure installed to placate landlocked Hungary, who have also secured guarantees that it would receive replacement supplies if pipeline flow is disrupted – and the final agreement is yet to be struck, with diplomats and officials still having to agree on the technical underlying details.
  • RBC reports that 77% of Russian companies have already adapted to sanctions placed on the country, or hope to do so, while a majority (56%) still consider government measures to help business as insufficient so far in the crisis.
  • Izvestia write that under the most favourable economic scenario, domestic car sales will likely drop 66% across 2022, citing Asian exports and sanctions pressure. The source cited is the Russian Automotive Market Research Agency.
  • The CDDC (CDS Panel) on Friday held their meeting concerning a request for clarity on whether credit default swaps on Russian debt should be triggered if Russia pay the principal on sovereign debt, but fail to pay interest on the bonds during any grace period. The group postponed the announcement of any judgement to today.
  • Later today, the CBR deputy governor Yudaeva holds a briefing on financial stability.
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