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Foreign Minister Says No New Proposals Heard Over Grain Deal

RUSSIA
  • Foreign Minister Sergei Lavrov said on Thursday that he had not heard any new proposals on the Black Sea grain export deal, according to Reuters, which is set to expire on Jul 17. Russia has repeatedly threatened to pull out of the deal unless what it calls obstacles to its own grain and fertiliser exports are lifted.
  • Russia shares many of its partners' proposals regarding the peaceful settlement of the Ukrainian conflict, but the West and Kyiv reject all peace initiatives, Lavrov said in an interview with Lenta.ru online daily. "We agree with many of our partners’ proposals," Lavrov stated. However, he added that "At the same time, we have to admit that Vladimir Zelensky’s Western curators completely refuse any form of de-escalation."
  • Russia’s oil-export revenues last month dropped to the lowest since February amid a seasonal decline in international sales of its crude and petroleum products, according to the IEA. The nation earned $11.8 billion from exports of its oil and fuel in June, down more than 45% from a year earlier, “reflecting the continuing bite of sanctions,” the IEA said in its monthly market report.
  • According to price reporting agency Argus Media, Urals crude topped $60 a barrel on Wednesday, climbing above the cap that the G7 set last year in an attempt to restrict revenue to Moscow. The idea of the ceiling was to stop Russian oil being transported on western ships with western insurance unless it was priced under the threshold.
  • Trade data released by China showed that imports from Russia increased by 15.7% in June to $11.3b. YTD, imports have increased by 19.4%.
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