Putin responds to ‘unfriendly’ move by G7, EU and Australia in wake of attack on Ukraine
The Russian decree was presented as a direct response to “actions that are unfriendly and contradictory to international law by the United States and foreign states and international organisations joining them”.
Crude oil exports will be banned from 1 February, but the date for the oil products ban will be determined by the Russian government and could be later. However, some analysts have said the cap will have little immediate impact on the oil revenues that Moscow is currently earning.
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