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Free AccessGovernment to Publish Decree Forbidding Companies Adhering to Oil Price Cap
- 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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.