Russia’s long-awaited response to a Western Price Cap
President Vladimir Putin on Tuesday delivered Russia’s long-awaited response to a Western price cap, signing a decree that bans the supply of oil and oil products to nations participating in the cap from February 1 for five months.
This month the European Union, G7 and Australia agreed on a $60 per-barrel cap on Russian crude oil.
It is one of a series of measures aimed at cutting the Kremlin’s revenue streams, as the war in Ukraine continues.
Thomas O’Donnell is an Energy Analyst and Lecturer at Hertie School of Governance.
He joins us via Skype from Berlin for the latest updates.
Credit to : Al Jazeera English
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