Russia to ban oil exports to countries using price cap from February

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Russia to ban oil exports to countries using price cap from February

Russia issued a decree Tuesday to ban oil sales to countries and companies that comply with a price cap agreed by Western nations.

"The supply of Russian oil and oil products to foreign legal entities and individuals is prohibited if the contracts for these supplies" are using a price cap, the presidential decree said, adding that it will be in effect from February 1 until July 1.

Source(s): AFP