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Government to Publish Decree Forbidding Companies Adhering to Oil Price Cap

RUSSIA
  • The Russian government will soon publish a decree detailing the ban on Russian companies to sell oil to clients adhering to the price ceiling introduced by Western countries, Kommersant reports, citing unidentified sources. The decree will forbid oil companies to include references to the oil price ceiling in their export contracts and exporters will be obliged to send contracts for inspection to the Federal Customs Service, which will be able to block shipments in case of violations.
  • Japanese non-life insurers will raise premiums for liquefied natural gas vessels on voyages in Russian waters by ~80%, Nikkei reports. The hike, which is set to take effect from Wednesday, is seen as needed in order to offset rising reinsurance costs as geopolitical risks heighten in the region.
  • South Africa defended its planned naval exercise with Russia and China next month amid criticism over its noncommital stance on the war in Ukraine, Bloomberg report. South Africa’s Ministry of Defence and Military Veterans said it has conducted similar military manoeuvres with the US, UK and France without attracting “hype.”
  • There are no major economic releases scheduled today. Foreign Minister Lavrov will visit South Africa.
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