June 2, 2023
Global Report News

Vladimir Putin Imposes Ban On Oil Sale To Country Who Abide By Oil Price Cap

Vladimir Putin, President of Russia has issued a decree banning oil sales to countries and companies that comply with a price cap agreed to by Western countries earlier this month. 

The cap was put in place in response to Moscow’s invasion of Ukraine in a bid to restrict Russian revenue. 

The presidential decree bans the supply of crude oil and oil products to nations that abide by the cap from February 1 for five months. 

Although, the Russian government says the sales ban may be lifted in individual cases through a “special decision” by President Putin. 

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