SOVEREIGN ECONOMY: TOP EVENTS OF THE WEEK
G7 countries will not unfreeze assets until Moscow compensates Ukraine. G7 countries (an informal club consisting of the UK, Germany, Italy, Canada, France, Japan, and the US) stated this in a joint statement by foreign ministers in Tokyo. Since the start of Russia's invasion of Ukraine, Western sanctions have frozen $300 billion belonging to the Central Bank of Russia.
Russia will continue reducing oil and petroleum product supplies. Russia will continue the voluntary reduction of oil and petroleum product supplies to global markets by 300,000 barrels per day until the end of December 2023. This reduction took effect in September and October of 2023, according to the Russian Deputy Prime Minister Alexander Novak in statements made to journalists.
Ministry of Finance will introduce a new oil price calculation for taxes. The Ministry of Finance presented a draft law proposing a new calculation of the price of Russian Urals oil for calculating the mineral extraction tax (MET). The Urals price is proposed to be calculated as the arithmetic average price for deliveries to northwestern and southern ports of Russia, increased by the cost of sea transportation to Rotterdam and Mediterranean ports.
The US and UK impose new rounds of sanctions against Russia. The US has sanctioned around one and a half hundred organizations and dozens of individuals from Russia and "friendly" countries. The US seeks to hinder Russia's access to necessary technologies and equipment for war from the third countries. The UK has expanded the list of sanctions against Russia to 29 items.
US to combat dependency on Russian nuclear fuel. The US's dependency on Russian nuclear fuel poses a critical threat to national security, stated Catherine Huff, the Assistant Secretary for Nuclear Energy. She called on Congress to allocate funds to restore the domestic supply chain and restrict imports from the country.