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EU ‘Ready to Go’ With Price Cap on Russian Oil

RUSSIA
  • Speaking early this morning in an interview with Bloomberg, EU Commission President Von der Leyen said that the EU is ‘basically ready to go’ on implementing a price cap on Russian oil by the end of this year.
  • Russia’s Agriculture Ministry’s subcommittee on customs and tariff regulation supported the proposal to increase grain export quotas in 2023 to 25.5m tons from 11m tons in 2022, Deputy Prime Minister Abramchenko said in her Telegram channel, adding that it is extremely important to use the instruments of customs and tariff regulation for the sale of products on foreign markets.
  • Bloomberg reported yesterday that Russia and the US failed to agree on language for a joint statement, making it unlikely the Group of 20 nations will reach a consensus in Indonesia. Russian Foreign Minister Lavrov put the blame on the US and its allies saying they “insisted on absolutely unacceptable language regarding the situation in Ukraine.” Russia refuses to describe its invasion of Ukraine as a war, instead calling it a “special military operation.”
  • GDP figures for Q3 are on the docket this week where growth is expected to show a further slowdown from -4.1% y/y to -4.6% y/y. Data releases on Wednesday.

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