Putin bans oil exports to countries with price caps, including the US, EU

Russia provides about 10% of the world's petroleum.
Vladimir Putin, March 18, 2021

Russian President Vladimir Putin on Tuesday responded to Western price caps on Russian oil by signing a decree to ban exports to nations that impose the price limits starting Feb. 1.

Australia, the European Union and the Group of Seven nations, which includes the United States, agreed earlier this month to adopt a price cap of $60/barrel on Russian oil.

The Kremlin's decree, which is valid until July, says the ban is in response to "the unfriendly and contrary to international law actions of the United States of America and the foreign states and international organizations that joined them," as translated.

Putin may make "special" exceptions to deliver some oil products to otherwise prohibited nations, the measure states.

Russia provides about 10% of the world's petroleum.