Putin bans oil exports to price cap nations

Canada Global (Web News) President Vladimir Putin signed a decree that forbids the supply of crude oil and oil products beginning on February 1 for a period of five months to countries who adhere to the restriction. This was Russia’s long-awaited reaction to a Western pricing cap.

In response to Moscow’s “special military operation” in Ukraine, the Group of Seven major nations, the European Union, and Australia agreed this month to a $60 per barrel price restriction on Russian seaborne crude oil, effective as of December 5.

After Saudi Arabia, Russia is the second-largest oil exporter in the world, and a significant decline in its output would have a significant impact on the world’s energy supplies.

The edict was announced as a direct response to “activities that are unfriendly and inconsistent to international law by the United Governments and foreign states and international organisations joining them” and was posted on a government portal and the Kremlin website.

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