From February 1, Russia will ban the sale of oil to countries that have introduced an oil price cap. The EU, the G7 countries and Australia are affected. They introduced the oil price cap in response to Russia’s war of aggression against Ukraine.
“Supply of Russian oil and Russian oil products to foreign legal entities and other individuals is prohibited” when they apply the price cap, according to a decree signed by President Vladimir Putin on Tuesday.
$60 price cap
At the beginning of December, the US, the EU, Japan and Co. a price cap of 60 dollars (56.52 euros) for Russian crude oil transported by sea.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
