China has refused to participate in the peace conference on Ukraine, which will be held in Switzerland. The Chinese authorities declined the invitation due to non-fulfillment of the conditions for their participation, which they did not specify. The summit, scheduled for June 15-16, will bring together representatives of 160 countries and international organizations. Moscow has not received an invitation to the event. A new problem for the Russian oil industry: the EU may impose sanctions against Ingosstrakh. As part of efforts to curb income flows of the Russian Federation, the EU authorities have raised the issue of sanctions against the insurance company. Ingosstrakh is one of the top 5 insurers in Russia. The Russian authorities are considering the introduction of an excise tax on electricity for mining. The Federal Tax Service is actively discussing with market representatives possible plans for the taxation of mining. Final decisions on the introduction of excise taxes will be made only after the approval of specific legislation to regulate this industry. The United States has warned China of an energy blockade in the event of military action in Taiwan. This position of Washington strengthens Russia's position as the main supplier of energy resources to China. This is also another reason to accelerate the construction of the Power of Siberia 2 gas pipeline, which will allow China to cover gas needs. The frosts have already been reflected in prices: Russian grain for export has added 4% in price over the week. The FOB Novorossiysk wheat index rose to $245 per ton, an increase of 15% over the month. Earlier, the harvest forecast was lowered from 90 million to 86 million tons. Expectations of an increase in dollar inflation are also a driver of prices.
