Moscow’s response to the Western price cap is to stop supplying crude oil and oil products from February 1.
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.
The presidential decree said the sales ban may be lifted in individual cases through a “special decision” by Putin.
The Group of Seven major world powers, the European Union and Australia agreed this month to a $60-per-barrel price cap on Russian seaborne crude oil effective from December 5.
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