Diplomacy
No news of note
Sanctions
The Biden Administration is scaling back its Russian oil price cap amid investor skepticism and growing risk in financial markets. The U.S. and EU may end up settling for a “more loosely policed cap at a higher price than once envisioned.” The G7, Australia, and South Korea have reportedly agreed to the cap. Allies are still courting New Zealand and Norway, and China and India are unlikely to join.
The U.S. sanctioned 20 Russian and Moldovan individuals and entities for assisting Russian efforts to manipulate Moldova’s political system.
The State Department met with the U.S. diamond industry to discuss sanctions.
Consequences
The London Metal Exchange continues to hold formal discussions about banning Russian aluminum.
Ukraine Sitrep
House Minority Leader Kevin McCarthy (R-CA) made efforts to reassure hawkish Republicans regarding his commitment to Ukraine after appearing to leave the door open to abandoning Ukraine aid.