Natasha Kaneva is joined by Anatoliy Shal, JPM’s Chief Russia Economist, to discuss the potential impact of the new set of goals set out by the G-7 to cut Moscow’s revenues. The G7 announced a potential cap on prices of Russian oil and an import ban of Russian gold. Given Russia’s strong fiscal position thanks to higher energy prices and lower imports in the wake of western sanctions, the country can cut up to 5 mbd of production without excessively hurting its economic interest, all the while driving global oil prices to stratospheric $380/bbl. Speakers: Natasha Kaneva, Head of Global Oil and Commodities Research Anatoliy Shal, Chief Russia Economist This podcast was recorded on July 1, 2022. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4135652-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. 2022 JPMorgan Chase & Co. All rights reserved.