MNI BRIEF: Japan's Feb Exports Accelerate; Auto Exports Rise

MNI BRIEF: Fed To Launch Real-Time Payment System In July

MNI BRIEF:Canada Feb Home Sales -40% YOY, Prices Record -18.9%

Japan Feb Exports +6.5% Y/Y; Imports +8.3% Y/Y

MNI:AUSTRALIA FEB UNEMPLOYMENT RATE +3.5%

MNI JAPAN JAN CORE MACHINE ORDERS +9.5% M/M; DEC +0.3%

MNI BRIEF: Trudeau Justified Using Emergency Act, Judge Finds

MNI: Canada Boosting Health Spending CAD46.2B Over 10 Years

(RPT)MNI INTERVIEW: BOC In One And Done Zone - Chamber

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial
BOJ

Fixed Rate Purchase Offer

STIR

RBA Dated OIS Still Pricing No Hikes After Jobs Data

RBNZ

VIEW: ASB Now Look For 25bp Hike In April, Don't Change Peak Call

US TSYS

Cheaper, Credit Suisse Takes Action to Strengthen Liquidity

CROSS ASSET

Risk Appetite Improves As Credit Suisse Borrows CHF50bn From SNB

CHINA PRESS

Dual Trading In HKD, CNY Securities Targeted For H1 2023 - Caixin

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Market News Topics

Oil Price Cap Costing Kremlin $170m per Day, Cost Set to Rise Further

RUSSIA
BulletEM BulletEmerging Markets NewsHomepage
  • Bloomberg report that the budget gap reached $47b, or 2.3% of the size of the Russian economy, citing a government meeting on Tuesday. The preliminary data showed spending for the year was up more than a third compared to pre-war forecasts. A high deficit is likely for this year too as Russia plans to increase its military spending by a third, and Moscow’s oil revenues continue to be pressured by the EU/G7 oil price cap.
  • The price cap on Russian oil is costing the Kremlin around $170 million a day — and will rise to $280 million a day when the cap is extended to refined products next month — according to a report from a Helsinki-based research group cited by Bloomberg. The research organization said the EU should look to tighten the screws further on Moscow. Cutting the cap further to $25 to $35 per barrel would slash the country’s oil export revenue by at least another $107m per day.
  • President Putin will hold a government meeting today to discuss social support measures for Ukrainian regions that Russia annexed last year. Meanwhile, weekly inflation statistics will be reported at 1600 GMT/1900 local time (Prior 0.12% WoW).
195 words

To read the full story

Why Subscribe to

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.
  • Bloomberg report that the budget gap reached $47b, or 2.3% of the size of the Russian economy, citing a government meeting on Tuesday. The preliminary data showed spending for the year was up more than a third compared to pre-war forecasts. A high deficit is likely for this year too as Russia plans to increase its military spending by a third, and Moscow’s oil revenues continue to be pressured by the EU/G7 oil price cap.
  • The price cap on Russian oil is costing the Kremlin around $170 million a day — and will rise to $280 million a day when the cap is extended to refined products next month — according to a report from a Helsinki-based research group cited by Bloomberg. The research organization said the EU should look to tighten the screws further on Moscow. Cutting the cap further to $25 to $35 per barrel would slash the country’s oil export revenue by at least another $107m per day.
  • President Putin will hold a government meeting today to discuss social support measures for Ukrainian regions that Russia annexed last year. Meanwhile, weekly inflation statistics will be reported at 1600 GMT/1900 local time (Prior 0.12% WoW).