Iran Press/ Europe: Russian President Vladimir Putin has issued a decree that bans oil sales to countries and companies that comply with a price cap agreed to by Western countries in response to Moscow’s invasion of Ukraine.
Moscow’s move was a response to an agreement by the U.S. and its allies to bar the shipping, financing or insuring of seaborne Russian crude unless it is sold for $60 a barrel or less a sanction leveled in response to Russia’s invasion of neighboring Ukraine.
Whether Russian President Vladimir Putin‘s order will significantly disrupt supply in the world’s oil market will depend on how Russia implements it.
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.
Many of Russia’s crude exports are now selling at market prices well below the $60 cap—primarily to countries including India, China and Turkey, which haven’t agreed to join the Western sanctions. 219
