Translated material
The cost of war in Ukraine. Online December 3-4
The Bell continues to conduct online, dedicated to the economic consequences of the war in Ukraine, which began on February 24.
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16:32 OPEC+ countries have decided to keep the current oil production plan, which provides for a reduction in production by 2 million bpd. The decision was made a few days after the European Union approved the price ceiling for Russian oil at $60 per barrel, and the G7 countries and Australia approved it. This topic, according to Reuters sources, was not discussed either at yesterday's meeting of OPEC ministers, or at today's meeting of OPEC+ ministers.
14:19 The EU has released Hungary from compliance with the price ceiling for Russian oil, said Foreign Minister Peter Szijjártó. He stressed that the Hungarian authorities in the course of negotiations with Brussels were able to "defend the security of energy supply" of the country. According to the diplomat, the introduction of a price ceiling for Russian oil harms mainly the European economy.
The main thing for the night and morning:
- in Africa The first ship arrived as part of the Grain from Ukraine food program. A humanitarian cargo of 25,000 tons of wheat was delivered to Ethiopia. An additional 30,000 tons are being prepared for shipment to this country. Another ship will deliver 25,000 tons of wheat for Somalia. The Grain from Ukraine project provides food for at least 5 million people until the end of next spring.
- The United States in foreign policy towards Iran has changed its priority from the "nuclear deal" to "disruption of arms supplies" to Russia, said US Special Representative for Iran Robert Malley. Moscow and Tehran deny that the Russian Armed Forces are using Iranian-made weapons in Ukraine. In early November, the Iranian authorities for the first time acknowledged the delivery of drones to Russia, but emphasized that it was a small batch that was sent before the start of the war.
- The decision of the EU to limit the cost of oil from Russia at $60 per barrel was published in the Official Journal of the EU. It comes into effect on December 5th. In his daily evening address , Volodymyr Zelensky called the price ceiling of $60 per barrel a "frivolous decision" that is comfortable for the Russian budget.
- There is no new information about the detention of the Russian billionaire in London yet. Only TASS, citing a source close to Mikhail Fridman, again assured that it was him, and clarified that the reason for the detention was suspicion of violating the sanctions imposed on the businessman. He was released on bail. Friedman previously told Forbes that he was "all right" and that he would meet up with friends over the weekend.
Continued online December 4th.
19:50 Defense Minister Sergei Shoigu flew to Minsk for talks with his counterpart Viktor Khrenin. Both ministers signed a protocol on amending the interstate agreement on the joint provision of regional security in the military sphere. Along with this, Shoigu held a meeting with Alexander Lukashenko, during which the President of Belarus noted that the armed forces of the republic and Russia were preparing as a "single army" to repel possible aggression from outside.
18:41 In London, on December 1, a 58-year-old "wealthy Russian businessman" was detained . He is suspected of several offenses including money laundering, conspiracy to defraud the UK Home Office and conspiracy to make false statements. Two more people were detained along with the businessman. All three were released on bail.
The name of the entrepreneur was not disclosed. The Agency notes that the age of the detainee coincides with the age of the Russian billionaire, Alfa Group co-founder Mikhail Fridman, who lives in London. to RBC's request A representative of Alfa-Bank responded that Fridman "has nothing to do with this story."
UPD: TASS, citing a source close to the businessman, claims that it was Fridman who was detained in London.
17:12 The authorities reacted to the news about the introduction by the European Union, the G7 countries and Australia of a price ceiling for Russian oil in the amount of $60 per barrel. Presidential press secretary Dmitry Peskov reported on an analysis of the situation, following which further decisions would be made, and assured that they would not accept the limit. Russia's permanent representative in Vienna, Mikhail Ulyanov, repeated the threat that Europe would be left without Russian supplies.
13:37 More than 100 obsolete vessels were purchased for the "shadow fleet" of Russia to transport oil against the backdrop of sanctions, FT writes , citing analysts. Anonymous purchases of tankers can be traced to a significant increase in the number of hidden or new buyers in the registries - purchased vessels are usually 12-15 years old, they should be written off in the next few years, said Anup Singh, head of research at ship broker Braemar. “These are buyers that we, as brokers with many years of experience, are not familiar with,” Singh explains. “We are confident that most of these vessels are destined for Russia.”
The main thing for the night and morning:
- The G7 countries and Australia, following the EU, have agreed on a price ceiling for Russian oil at $60 per barrel, according to the website of the US Treasury. The limit applies to crude oil transported by sea and may be adjusted if necessary. Russia, according to the report, has several options for responding to the restriction: sell oil at or below the specified price, or use the services of non-G7 companies that are “limited in scale, more expensive and less reliable.” Read more about the oil embargo and the price ceiling in our final newsletter .
- OPEC+ countries are likely to keep current oil production plans at the next meeting on Dec. 4, told two sources at the organization Reuters. This, according to them, is also indicated by the fact that the meeting will be held online, and not in person, as previously assumed. Some OPEC+ delegates and analysts interviewed by the agency, however, do not exclude unexpected decisions and emphasize that further production cuts are still being considered.
- Italy stated that there are no plans to nationalize the Lukoil-owned ISAB refinery in Sicily. The government will take over the temporary management of the plant, with the option of handing it over to state-owned companies, to ensure the continuity of Italy's energy supply and the preservation of jobs, Adolfo . Urso, the country's minister of economic development and Made in Italy products, told the Corriere della Sera newspaper Lukoil, he said, expressed its intention to cooperate.