Putin bans all oil sales to ‘price cap’ states

President Vladimir Putin has signed a decree on retaliatory measures to the West’s price cap on Russian oil exports. Tuesday's ratification is in response to the punitive measure taken by the EU, G7 countries, and Australia, which came into effect earlier this month.

The presidential decree bans the supply of oil and petroleum products from Russia to countries which apply a price cap in their contracts. It also prohibits deliveries if the contracts directly or indirectly specify the cap