Wednesday, June 19, 2024
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Russia has banned oil sales to countries and companies that comply with a price cap set by Western nations. The price cap, which took effect on December 5, limits countries to paying no more than $60 per barrel of Russian oil. It was implemented by the G7 group of nations, Australia, and the EU in September in an attempt to prevent Russia from using oil revenue to fund the war in Ukraine. 

Despite a decrease in Western demand for Russian oil following the invasion, Russian revenue remained high due to demand from other countries such as India and China. An EU-wide ban on Russian crude oil imported by sea is already in place, as well as similar bans from the UK, the US, and other countries.

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