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EU Seek Friday Deal on Russian Oil Products Price Cap

  • EU countries will seek a deal on Friday on a European Commission proposal to set price caps on Russian oil products, after postponing a decision on Wednesday amid divisions between member states, diplomats said according to Reuters.
  • Speaking in a TV interview, Russian Foreign Minister Lavrov stated that the “West lies about Russia’s refusal to negotiate on Ukraine… we all want the Ukraine conflict to end.” He also alleged that the “United States directly participated in explosions of the Nord Stream gas pipelines”.
  • Russian banks have raised interest rates on deposits in Chinese yuan up to 3%, Kommersant report. The maximum offered rate in November 2022 was 2%. However, some analysts say the increase in rates on deposits in yuan is unlikely to become a long-term trend as the demand for such accounts is so-far limited to wealthy customers.
  • President Putin will visit Volgograd for the 80th anniversary of the WWII victory at Stalingrad, where the Kremlin say he will deliver a speech. The Bank of Russia will report weekly changes in its gold and FX reserves at 1300 GMT/1600 local time (Prior: $595b).

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