Set To Formalize Seventh Russia Sanctions Package With Late VSMPO Climb Down

The WSJ reports that the EU is set to formalize its latest set of sanctions late Thursday, with sources claiming it will reverse course and take Russian metals giant VSMPO-Avisma PJSC off the proposed list for fears of a retaliatory ban by Russia on titanium exports at the last minute. The company is a critical supplier of titanium to Airbus SE, the world's biggest commercial jet maker.

European officials have been working on a seventh package of sanctions against Russia. WSJ note that the package, which includes new measures such as a ban on Russian gold sales into the bloc, is expected to take effect later Thursday whilst also include an extension of the bloc's export bans currently ranging from microchips and advanced technology to luxury cars.

Aside from a likely boost for Airbus at tomorrow's open, there has been limited macro impact from the announcement, with the sanctions on Russian gold sales already mooted and doing little to change a 1% rally on the day with US yields sliding.