Putin Extends Ban On Companies Sticking To Price Cap Till End Of 2023

Russian President Vladimir Putin has extended a decree banning sales of Russian oil and petroleum products on conditions of the price cap set by the United States and western governments till the end of 2023. Putin first signed the decree last December, Interfax reported. Last year, G7 and EU leaders agreed to place a $60 per barrel cap on the price of Russian oil to prevent Russia from continuing to earn a wartime premium and make it harder for Russia to fund its brutal war in Ukraine. The price cap policy is a novel tool of economic…