Russian President Vladimir Putin on Wednesday announced a ban on oil exports to the U.S. and other Western nations that recently imposed a price cap on Russian crude as punishment for Moscow’s war in Ukraine.
A Kremlin statement announcing the ban said Mr. Putin had signed it as an executive order “in response to the unfriendly actions taken by the United States, other foreign states and international organizations that sided with them to establish a price cape on Russian oil.”
The Group of Seven forum of wealthy Western powers, along with Australia and the European Union, issued a $60-per-barrel price cap in early December on Russian crude moving around the world.