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Two Indian Oil Refiners Halt Russian Crude Purchases Ahead of New EU Sanctions

RUSSIA
  • The Guardian cite Stremousov, deputy administrator of Kherson, as stating “In the very near future, the battle for Kherson will begin”, alongside reports that civilians were being “resettled” from Kherson amid a "tense" backdrop.
  • Two Indian oil refiners have halted one-off cargo purchases from Russia amid concern over the fallout from EU sanctions targeting Moscow, according to Bloomberg sources. EU price cap sanctions come into effect on Dec 5.
  • Elsewhere, Italy’s former PM Berlusconi said he’s exchanged letters and gifts with Putin, according to disputed reports, raising speculation that a new governing coalition could come under pressure to soften its support for Ukraine, according to Bloomberg.
  • PPI data crosses at 1700BST/1900 local time today with 5.4% y/y, 0.4% m/m rise expected. Weekly CPI data is also on the docket while Putin will hold a Security Council meeting on immigration.
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