Western countries on Monday began imposing a US$60-per-barrel price cap and ban on some types of Russian oil, part of new measures aimed at stepping up pressure against Moscow over its war on Ukraine.
Western countries on Monday began imposing a $60-per-barrel price cap and ban on some types of Russian oil, part of new measures aimed at stepping up pressure against Moscow over its war on Ukraine.
Many other factors, including COVID-19 prevention measures in China that have crimped its manufacturing, are also having an impact on demand for crude and thus prices. They are far down from a peak earlier during the war. "We will only sell oil and oil products to the countries that will work with us on market terms, even if we have to reduce output to some extent," Novak said in televised remarks hours before the price cap came into effect.
Russia, the world's No. 2 oil producer, relies on the sale of oil and gas to underpin its economy, which has already come under sweeping international sanctions over President Vladimir Putin's war in Ukraine.
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