The Biden administration is not sure about the idea of confiscating Russia’s frozen international reserves, and the UK supported a ban on insurance for ships carrying Russian oil – these and other important news for Wednesday morning, June 1, in our daily review.

U.S. President Joe Biden’s administration is questioning the idea of confiscating the Bank of Russia’s frozen international reserves and using them to rebuild Ukraine, sources among senior officials told The New York Times. Parts of the administration, including Treasury Secretary Janet Yellen, believe such a move could be illegal in the United States and damage the country’s reputation as a safe and reliable custodian of investments, the newspaper reported.

Britain has agreed with the European Union to ban insurance for ships carrying Russian oil. The agreed and coordinated ban will cut Russia off from Lloyd’s of London’s largest insurance market and sharply limit its ability to export oil by sea, the Financial Times said, citing British and European officials.

Meta Platforms (recognized as extremist and banned in Russia) announced on May 31 that its shares will trade on the Nasdaq exchange under the symbol (ticker) META starting June 9. The new stock symbol reflects the company’s rebranding, which began in October 2021, Meta said in an announcement. “No action by the company’s shareholders with respect to the change in ticker symbol is required. The company’s Class A common stock will continue to be listed on NASDAQ and its CUSIP number will remain unchanged,” the company said in an investor announcement.

According to the rating agency S&P Global, the indicator of business activity of manufacturing industries in Russia in May increased by 2.6 percentage points compared to the April level and amounted to 50.8%. This is reported by “Kommersant”. For the first time since January, this index exceeded the threshold of 50%, according to S&P Global’s computing technology, which displays the growth of economic activity.

Ten Russian airlines have opened C-type ruble accounts in banks to transfer payments to foreign leasing companies from unfriendly countries. This is reported by “Vedomosti”. Among those who opened accounts are Aeroflot, Pobeda, Rossiya, S7 Airlines, Smartavia, Yakutia, ALROSA, Yamal, Polar Airlines and Aurora. In addition, Ural Airlines, Izhavia, Nordstar, Rusline and I-Fly are in the process of opening such accounts.