Russia bans oil sales to countries using price cap

Russia has banned the sale of oil to countries and companies that follow the price cap Western countries imposed on Russian oil earlier this month.

Behind the price ceiling are the G7 countries, the European Union and Australia. The price ceiling prohibits countries from paying more than $60 per barrel of Russian oil.

However, the presidential decree gives Russian President Vladimir Putin the opportunity to grant a special permit to sell to countries that fall under the ban.