The United States, Canada, the European Union, Japan, the United Kingdom and Australia all agreed to the price cap. The United States and Canada banned the import of Russia’s oil and the Euro…
Russian President Vladimir Putin signed a decree on Tuesday banning oil supplies to countries that have introduced price caps on Russian oil and petroleum products, according to the decree published on the Kremlin’s website — a move that may prove to be largely symbolic.at $60 a barrel, a policy aimed at Moscow’s remaining oil customers. It’s enforced by the companies that provide shipping, insurance and other services for Russian oil. Europe also banned the import of Russian crude by sea.
Given those countries’ widespread bans, the Kremlin’s new policy may not pack much punch. The oil market was largely unfazed by Russia’s decree, with the benchmark Brent oil price rising less than 2% Tuesday. US oil topped $80 a barrel while Brent traded at around $86. The ban on oil supplies under the price ceiling will go into effect February 1 and is valid until July 1, 2023. The date of the ban on the supply of petroleum products will be determined by the Russian government, according to the decree.
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