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Russia prohibits oil sales to ...Moscow has stopped selling oil to countries and companies that follow a price cap set by Western countries earlier this month.
The G7, Australia and the EU agreed on a price cap and it became effective on December 5. The limit prohibits paying more than $60 per barrel of Russian oil.
Now, Russia has said that it won’t sell oil or oil products to anyone who puts a price cap on oil. The ban was put in place by a presidential order, which said it would be in effect from February 1 to July 1. The decree also said that Russian President Vladimir Putin could give banned countries “special permission” to get supplies.
In September, the G7 group of major economies first suggested a price ceiling to stop Moscow from using oil profits to pay for the Ukraine war. Even though the West brought less oil from Russia after the invasion, Russia still made a lot of money because the price went up and countries like India and China bought a lot of oil.