Russia bans oil Export to G7 Countries Following price caps

President of Russia’s bans Vladimir Putin issued a proclamation regarding oil exports, on Tuesday.

Germany, whose exports are largely dependent on Russia, didn’t paid attention to the oil ban regulation. A spokeswoman for the economy ministry responded to criticism.

As of December 5. The G7 nations— France, Canada, Japan, Germany, Italy, the United States and the United Kingdom, —as well as the EU and Australia—decided to maintain the $60 per barrel price restriction on Russia’s seaborne crude oil.

Putin further stated that “Any price cap on oil & oil product supplies, either directly or indirectly, to other countries or persons is simply prohibited.

A prohibition on oil exports will only make matters worse for Russia. Because the majority of the profits are moving to that Moscow’s war.

As of Tuesday, the price of Russian Urals oil traded above $56 a barrel, which is below the limit.