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Russia Set to Cut Crude and Fuel Oil Export Duty in Feb

RUSSIA
  • Russia is set to cut its export duty for crude and fuel oil in February to $12.8/ton, a more than 23% drop from January, due to a lower average price of the Urals grade over the Dec 15-Jan 14 monitoring period, the Finance Ministry said in a statement cited by Bloomberg.
  • India bought a record amount of Russian oil last month, with the country importing a 33 times more than a year earlier, Bloomberg report. India purchased an average of 1.2 million barrels a day from Russia in December, according to data from Vortexa Ltd, 29% more than in November. Russia is now easily India’s biggest source of oil after overtaking Iraq and Saudi Arabia several months ago.
  • Iran and Russia are considering a possibility of creating a Persian region stablecoin backed by gold to be used in foreign trade settlements instead of dollar, ruble and Iranian rial, Vedomosti reports. However, active discussions will only be possible once Russia passes regulation on cryptoassets.
  • There are no major economic releases scheduled today, with current account balance data set for release tomorrow afternoon.
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