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Putin Praises Russia, China Military Ties; India Could Buy Russian Crude Beyond Price Cap

RUSSIA
  • President Putin praised ties between the Russian and Chinese militaries as he met with China’s defense minister on Sunday. Li told Putin that China was willing to “further strengthen strategic communication between the two militaries” and boost “multilateral coordination and cooperation,” state broadcaster China Central Television reported. Li Shangfu continues his visit to Russia today.
  • India will explore buying Russian crude oil near or past the price cap imposed by the G7 as it navigates external risks it sees as the biggest economic threat, Bloomberg report. “Yes, because otherwise I’ll end up paying far more than what I can afford,” India’s Finance Minister Nirmala Sitharaman said in an interview Saturday when asked if India would continue importing Russian oil beyond the $60-a-barrel price cap.
  • Vedomosti reports that the Bank of Russia and Finance Ministry are developing a mechanism to set a monthly limit on the purchase of foreign currency on the domestic market in major buyout deals for businesses leaving the country, as due to the low liquidity of foreign currency on the Russian market, large purchases can lead to RUB volatility.
  • Russia due to publish export duty for crude and fuel oil for May, Bloomberg report, while Deputy Finance Minister Alexei Sazanov takes part in State Duma committee on budget and taxes. There are no major economic releases scheduled today.
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