The ban, which applies to all Russian oil and petroleum products, will go into effect Feb. 1 and be enforced until July 1. According to the Kremlin, oil exports to the affected Western nations can still occur, but only if Putin grants it in a special order.
This month, Western nations imposed a price cap on Russian oil that prevents the price from rising above $60 a barrel. The move was designed to punish Russia for its war in Ukraine, and any nation that sells above the price cap can lose access to insurance and financial services that are essential for oil shipments in international waters.
Russia Temporarily Bans Exports of Oil to U.S., Other Western Nations
- by: Breitbart News Staff
- 2022-12-28
- Source:
Breitbart
- 12/28/2022
Pump-jack mining crude oil with the sunset by Zbynek Burival is licensed under unsplash.com
In response to Western price caps on Russian oil, President Vladimir Putin on Tuesday banned the export of oil to the United States and other Group of Seven and European Union nations.
Pump-jack mining crude oil with the sunset by Zbynek Burival is licensed under unsplash.com
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