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Russia, Ukraine Almost Reached Black Sea Deal Last Month

RUSSIA
  • Reuters reported yesterday evening that Ukraine suddenly pulled out of a deal with Russia that would have ensured the safety of shipping in the Black Sea before it was to be announced last month, citing four people familiar with the matter. Russia and Ukraine negotiated for two months and had reached agreement on text of the deal. It was not immediately clear why Ukraine pulled out.
  • The Russian State Council's Energy Commission believes that the country's coal industry is on the brink of a difficult crisis that will lead to RUB 450bln in losses for the year due to low coal prices and higher logistics and debt servicing costs, Kommersant report. It has proposed to eliminate the export duty on coal or introduce a cut-off price below which the duty will not be applied.
  • Energy Ministry officials will participate in the National Oil and Gas Forum in Moscow. PPI data for March and weekly CPI data will cross tomorrow afternoon and is the highlight on the local data slate this week.

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