According to Russian deputy PM Novak, the country plans to deliver over 80% of its crude oil exports and 75% of its petroleum products to ‘friendly countries’ in 2023. Novak reiterated that Russia would not supply oil to nations that adhere to price caps on Russian crude oil and products. It also announced a 500,000 output cut and a fixed price discount of USD 25/bbl. from July; prices will gradually move to this level. Lastly, CBR announced it would raise the mandatory reserve requirements starting in March to sustain the trend of banks offloading foreign currency from their balance sheets. For liabilities in RUB, the requirement increased by 1 pp to 4% and in foreign currency by 2 pp to 7%.