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Russia will voluntarily reduce oil production in March by 500,000 barrels per day as it halts sales to buyers complying with a Western-imposed price cap, Russian Deputy Prime Minister Aleksandr Novak announced on Friday.

The shortfall in the balance of trade with the bloc has reached nearly $40 billion, official statistics show The UK’s trade deficit with the EU reached a new high in the final quarter of 2022 on increasing imports from the bloc, data from the Office for National Statistics (ONS) showed on Friday.