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US and Allies Look to Price Cap Plan for Russian Oil Exports

RUSSIA
  • Putin is to be holding a meeting of the State Council today with a focus on the construction industry and Russian housing sector.
  • The US Treasury Secretary has flagged a possible plan on how the US and allies could cap the price of Russian oil exports, according to BBG. The plan would restrict energy revenues to Russia while also preventing any spillover impacts on the global economy.
  • Vedomosti reports that some Russian regions have begun actively searching for personnel and workers for the Donetsk and Luhansk people’s republics – a further sign that Russia are looking to increase infrastructure levels and staffing in the breakaway regions.
  • RBC reports that banks will be able to charge negative interest rates on foreign currency deposit accounts for corporate clients going forward – a measure which should reduce costs for the banking sector going forward.
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