Russia to ban sale of oil to countries that impose price cap

An oil refinery in Grandpuits-Bailly-Carrois, France
(Image credit: Benjamin Girette/Bloomberg via Getty Images)

Russian President Vladimir Putin announced Tuesday that Russia will ban oil sales for five months to countries that honor a price cap set by the West in an effort to hamper Moscow's stream of funds for its war in Ukraine.

The $60-a-barrel price cap, which was reached by the U.S. and other G7 nations, Australia, and the EU, went into effect on Dec. 5. "The cap has been set close to the current price for Russian oil," CNBC writes, "but far below the prices at which Russia was able to sell it for much of the past year, when windfall energy profits helped Moscow offset the impact of financial sanctions." Russia said its ban will come into force on Feb. 1, 2023, and applies until July 1, 2023, and allows Putin to make exceptions in special cases.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Explore More
Jeva Lange

Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.