Russia is the world's second-largest oil exporter after Saudi Arabia, and any disruption to its sales could have far-reaching consequences for global energy supplies.
Under the price cap, oil traders promised not to pay above $AU89 per barrel for Russian seaborne oil.Russia's ban will halt crude oil sales to countries participating in the price cap from 1 February to 1 July 2023.
Under the price cap that took effect on 5 December, oil traders must promise not to pay above $AU89 per barrel for Russian seaborne oil to retain access to Western financing for such crucial aspects of global shipping as insurance. The Kremlin ban would halt crude oil sales to countries participating in the price cap from 1 February to 1 July, 2023.
"Our building is destroyed. There was a shop in our building, now it's not there anymore," said Oleksandr, 85, adding he was the only remaining resident there.Mr Putin has repeatedly spoken of a desire for peace talks in comments in recent days. But his foreign minister Sergei Lavrov made clear Moscow still has a list of preconditions, including that Ukraine recognises Russia's conquest by force of around a fifth of Ukrainian territory, which it says it has annexed.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Record Boxing Day sales expected as Australia returns to unrestricted retail shoppingFor the first time in two years, Australians enjoy their first Boxing Day sales without COVID-19 restrictions.
Read more »
'End is already in sight': New claim emerges about Putin's cancer battleA new claim by a Russian historian and analyst has provided a brief insight into Vladimir Putin's reported cancer battle and the type of therapy he has been receiving while navigating the Ukraine war.
Read more »
Why Putin must lose quicklyVladimir Putin is banking on the weaponisation of Russian gas during the northern winter to trigger a democratic capitulation. That’s why we need to put our foot on the accelerator of military aid to Ukraine, writes Misha Zelinsky.
Read more »
By getting out in front on China, Australia led the worldIf by defending a rules-based international order in the Indo-Pacific Canberra made itself an outlier to the whims of authoritarians, then we are all outliers, writes Japan's Ambassador to Australia YamagamiShingo.
Read more »
Australia news live: post-Christmas heatwave sparks health warnings; Murray reaches flooding peakAustralia news live: post-Christmas heatwave sparks health warnings; Murray flood waters expected to peak
Read more »
Floss the dog completes incredible odyssey across Australia to find forever homeA truckie with a big heart saves Floss the border collie cross from certain death and takes her on an epic journey around Australia to find her forever home in Perth.
Read more »