The main events by the morning: June 16

• The European Union plans to present a strategy for phasing out Russian gas on June 17. The block is developing a legal solution that allows Russian gas buyers to invoke force majeure upon termination of long-term contracts with Russian suppliers. This initiative does not require the approval of Hungary and Slovakia, which excludes the possibility of their veto.

• Donald Trump intends to conclude new trade agreements on duties at the upcoming G7 summit. He told reporters before flying to Canada that he expects several new deals. However, as previously reported, the countries may abandon the joint communique due to significant differences with Trump.

• The escalation of the conflict between Iran and Israel may lead to a further increase in Brent crude oil prices, up to $100 per barrel by the end of June. The situation in the Middle East could also worsen global inflation, while Russia, on the contrary, could benefit economically from higher export prices.

• The head of the Russian Union of Industrialists and Entrepreneurs noted that the dollar exchange rate in the range of 90-100 rubles would be acceptable for the federal budget and exporters. He stressed that this is a level that will allow solving budgetary problems and supporting export industries.

• The trade deal between China and the United States did not affect a key aspect of exports. Beijing has not committed to grant export permits for certain rare earth metals. This means that China will not supply the metals needed by the United States for the production of military fighter jets and missile systems.