MOSCOW
\nPresident Vladimir Putin delivered Russia\u2019s long-awaited response to a Western price cap, signing a decree that bans the supply of crude oil and oil products from Feb. 1 for five months to nations that abide by the cap.
\nThe Group of Seven major powers, the European Union and Australia agreed this month to a $60-per-barrel price cap on Russian seaborne crude oil effective from Dec. 5 over Moscow\u2019s \u201cspecial military operation\u201d in Ukraine. The cap is close to the current price for Russian oil, but well beneath the windfall price Russia was able to sell for this year and that helped offset the impact of financial sanctions on Moscow.
\nRussia is the world\u2019s second largest oil exporter after Saudi Arabia, and a major disruption to its sales would have far reaching consequences for global energy supplies. The decree, published on a government portal and the Kremlin website, was presented as a direct response to \u201cactions that are unfriendly and contradictory to international law by the United States and foreign states and international organizations joining them.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
MOSCOW President Vladimir Putin delivered Russia\u2019s long-awaited response to a Western price cap, signing a decree that bans the supply of crude oil and oil products from Feb. 1 for five months to nations that abide by the cap. The Group of Seven major powers, the European Union and Australia agreed this month to a […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-304689","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n