Russia announced that it would ban oil sales to countries that abide by a price cap imposed this month by the West, giving its long-awaited response to the most dramatic step taken so far to limit Moscow's ability to raise funds for the war in Ukraine.
Thomson ReutersRussian President Vladimir Putin attends a meeting at the State Russian Museum in St. Petersburg on Tuesday.Under the price cap, which took effect on Dec. 5, oil traders must promise not to pay above $60 per barrel US for Russian seaborne oil to retain access to Western financing for such crucial aspects of global shipping as insurance.
A decree from President Vladimir Putin, published on a government portal and the Kremlin website, was presented as a direct response to "actions that are unfriendly and contradictory to international law by the United States and foreign states and international organizations joining them.
Some analysts have said the cap will have little immediate impact on the oil revenues that Moscow is earning, as the price for Russian oil has already fallen close to it. But it could limit Moscow's ability to profit from future price shocks.Russian forces shelled and bombed towns and cities in eastern and southern Ukraine again on Tuesday. After a number of dramatic Ukrainian gains in the autumn, the war has entered a slow, grinding phase as bitter winter weather has set in at the front.
Svitlana Klishchytska, left, reacts at a coffin containing the body of her daughter, Natalia Ryaskova, during a funeral ceremony in the southern Ukrainian city of Kherson on Tuesday. Ryaskova was killed after Kherson was shelled on Dec. 23. Ukrainian President Volodymyr Zelenskyy said that as a result of attacks on Ukraine's energy infrastructure, nearly nine million people were currently without power — equal to about a quarter of the country's population.
Putin has responded by summoning hundreds of thousands of reservists for the first time since World War Two to fight in his "special military operation."
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