November 22, 2022Newsletter

Russia Update: November 22, 2022


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The EU aligned its latest Russian oil price cap proposal with the U.S. and UK by adding a 45-day transition, with EU ambassadors poised to meet tomorrow to approve the cap and discuss the price level. Bulgaria says it will allow an oil refinery on the Black Sea owned by Lukoil to operate through the end of 2024, which drew a warning from Brussels. Chinese crude buyers have paused purchases of Russian oil to see if they get a better price under the price cap.


The threat of sanctions has prevented Russia’s Mir cards, envisioned as a competitor to Visa and Mastercard, from gaining popularity.

Ukraine Sitrep

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