Russia, Putin Prohibits Russia From Selling Oil to Price Cap Participants

Putin signed a decree banning the sale of oil to countries participating in the Western imposed price cap on Russian crude that was pushed by the US and its G7 partners. Putin's ban is going to take effect on February 1st and it will last through July 1st, 2023. The EU set the cap at $60 per barrel and Western insurance companies are banned from providing insurance for shipments of Russian oil that exceed that price. But according to Bloomberg, Russia's deputy prime minister, Alexander Novak said that Russia's oil output may fall by 500,000 to 700,000 barrels per day in early 2023.