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Russia Reiterates it Won’t Sell Oil to Nations that Implement Price Cap

RUSSIA
  • Russia has reiterated its stance that it doesn’t plan to supply crude or oil products to nations that implement a price cap, according to Deputy Prime Minister Novak. Instead, Russia will redirect its oil supply to “market-oriented partners” or will reduce production, Novak said in a statement. Note the Group of Seven nations aim to announce today at what level the price cap will be set.
  • Speaking at a conference on the planned oil cap, Bank of Russia Deputy Governor Zabotkin said that while the likely impact on oil export volume moving forward is unclear, inflation may stay at a higher level for longer.
  • Starting from 2023, all banks with a universal license and microfinance organizations will be subject to direct restrictions on the volume of loans issued, Vedomosti report citing a statement from the central bank. This new mechanism is designed to reduce the risks of citizens' debt load and reduce the risk of delinquencies.
  • President Putin meets Cuban counterpart Miguel Diaz-Canel today in Moscow. Meanhile, Finance Minister Siluanov will speak at the State Duma while Deputy Finance Minister Moiseev and central bank Deputy Govenor Zabotkin will speak at an economic forum. There are no data releases scheduled today ahead of industrial production data and PPI figures crossing tomorrow (1600GMT/1900 local time).

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