Psaki Says US Pressing Russia to Choose Between Default or Using its Local Reserves

LOCAL NEWS (2/2)

• White House Press Sec Psaki says the US is pressing Russia to choose between default or draining the rest of its remaining reserves after banning Russia from using its reserves to make debt repayments.
  • The US said more sanctions were coming aimed at isolating Russia, while initiating a ban on investments in Russia, increased sanctions on banks, SOEs, Govt officials and family members. As soon as today, Sberbank, Alfa Bank (large private lender) & Putin’s daughters could face sanctions. Psaki downplayed the possibility of removing Russia from the UNSC, however. – Tass, WSJ
• JP Morgan says it is allowing holders of depository receipts issued by Russian corporations to cancel them - RTRS
• Military expert says Russia has lost at least 2,100 pieces of significant military equipment vs Ukraine’s 600. Says Russia is running short of modern missiles as they haven’t been noted firing as many recently – this could be something they’ve asked the Chinese for – Sky

Data:

• 1700BST: April 1 CPI wow, 1.16% prior
• 1700BST: April 1 CPI Weekly YTD, 8.91% prior