The main events by the morning: May 15

• The United States and Europe continue to argue about the terms of use of frozen assets of the Russian Federation. The United States and European allies cannot agree on the terms and format of the confiscation of Russian assets. The United States and Britain advocate direct confiscation, while European countries strongly object to this, fearing possible lawsuits.

• The trade turnover between Russia and the United States increased 1.5 times in March, reaching $471 million due to the resumption of imports of Russian uranium to the United States. However, starting in May, trade volumes will significantly decrease due to the ban on the import of nuclear fuel from the Russian Federation imposed by the United States.

• Switzerland is reducing imports of Russian gold. In the first quarter of 2024, gold imports from Russia to Switzerland decreased by almost 160 times – from $380 million to $2.4 million. This is due to the fact that Switzerland joined the embargo on Russian gold back in 2022 and bought only the gold that was exported from the Russian Federation before the sanctions. Now the stocks available for purchase have almost run out.

• The restrictions discussed by the European Union on transshipment of Russian LNG in European ports with re-export to third countries may affect 11.8 million tons of contractual obligations of the Yamal LNG plant of NOVATEK. If these measures are taken at the end of June, the plant may be forced to declare force majeure on these volumes.

• Gasoline exports from Russia may be allowed as early as this week – the government has agreed on all the details. The resolution will be published towards the end of the week, when the new government is finally formed. The export permit will be valid until June 30.