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Russia bans oil sales to nations, firms complying with price cap

Oil Russia crude oil Moscow Vladimir Putin

Western sanctions have targeted Russia's lucrative energy interests, such as the oil pipeline monopoly Transneft, whıch owns this oil storage tank in the Baltic Sea port of Ust-Luga, Russia [File: Vladimir Soldatkin/Reuters]

Russian President Vladimir Putin has issued a decree that bans oil sales to countries and companies that comply with a price cap agreed to by Western countries in response to Moscow’s invasion of Ukraine.

Moscow gave its long-awaited response to the price cap on Tuesday. It bans the supply of crude oil and oil products from February 1 for five months to nations that abide by the cap.

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