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

By GNNLiberia 183

Moscow’s response to the Western price cap is to stop supplying crude oil and oil products from February 1.

Photo credit: Wall Street Journal

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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Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.

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