Name: Putin Bans Russian Oil Exports to Countries That Impose Price Cap
Uploaded: 2022-12-28T00:53:26.000Z
Description: MOSCOW—President Vladimir Putin on Tuesday delivered Russia's long-awaited response to a Western price cap, signing a decree that bans the supply of crude oil and oil products from Feb. 1 for five months to nations that abide by the cap.

Jack Bradley is a Washington correspondent for NTD News based in Washington, D.C. Jack previously anchored "NTD Newsroom" and worked as an assistant producer for the show. 

Jack Bradley

NTD Plus

News

News with integrity, from the U.S. and around the world. Focused reports and analyses that shed light on major issues the world deserves to know. NTD Evening News airs daily at 6 p.m. ET.

NTD Evening News

China’s Broken Promises Loom Over New Trade Deals

David Lam is a national correspondent based in California and a part-time anchor for "NTD Tonight." Before joining NTD he was a financial analyst.

David Lam

Californians React as Trump Calls for Gas Tax Suspension

Arleen Richards is NTD's legal correspondent based at the network's global headquarters in New York City, where she covers all major legal stories. Arleen holds a Doctor of Law (J.D.).


Arleen Richards

Federal Agencies Announce ‘Summer Surge’ of Law Enforcement into DC Ahead of 250th Anniversary

Christina Corona is a California-based reporter for NTD News. She primarily covers California news, politics, and entertainment.  

Christina Corona

Trump Administration Reports Zero Border Releases

Arian Pasdar is an international correspondent for NTD News based in South America. His reporting focuses on immigration and key events in Latin America.

Arian Pasdar

US to Host 1st Ever World Cup Final Halftime Show, Featuring Shakira, Madonna

Savannah Pointer is a politics reporter for The Epoch Times. She can be reached at savannah.pointer@epochtimes.us

Savannah Hulsey Pointer

Jason Perry is an Army veteran and NTD's National Security Correspondent based at the network's global headquarters in New York City. Jason primarily covers border security, national defense, foreign wars, and veterans' issues.

Jason Perry

Health News

Texas Children's Hospital to Open First-Ever Detransition Clinic Under Deal With DOJ

Sam Wang is a Washington correspondent for NTD News based in Washington, D.C. Sam covers politics on Capitol Hill, and U.S.-China relations. 

Sam Wang

Citizens Honor Police for Their Service and Sacrifice

Cary Dunst is the news anchor for NTD Evening News. He is also the co-host of NTD Good Morning.


Cary Dunst

Trump ‘Projecting American Influence and Leadership’ on Iran Issue in Beijing: China Expert

Chris Bob is a reporter for NTD and a host of "Profiles of Service." He is also a small business owner. Chris graduated from Union College with a concentration in politics and religion in Russia and the former Soviet Union.

Chris Bob

Senate Panel Advances Crypto Regulation Bill

Jason Blair is a national correspondent for NTD News based in California. 

Jason Blair

Lawmakers Weigh ‘Sanctuary’ Polices After Woman’s Death in Virginia

NTD Evening News Full Broadcast (May 15)

NTD Evening News Full Broadcast (May 14)

NTD Evening News Full Broadcast (May 13)

NTD Evening News Full Broadcast (May 12)

NTD Evening News Full Broadcast (May 11)

Don Ma is an anchor and senior business correspondent based at the network's global headquarters in New York City. Don is the anchor and producer of NTD's "Business Matters," which airs weekdays at 4:30 pm ET.

Don Ma

NTD Evening News Full Broadcast (May 10)

NTD Evening News Full Broadcast (May 9)

NTD Evening News Full Broadcast (May 8)

NTD Evening News Full Broadcast (May 7)

NTD Evening News Full Broadcast (May 6)

NTD Newsroom comprises teams of reporters, editors, and producers assigned to cover breaking news and other stories.


NTD Newsroom

Fast, compelling, first-hand news from China. China in Focus airs Monday–Friday at 8 p.m. ET.

China in Focus

China Sends Warships to Pacific Drill as Tensions With Japan Rise

Reuters is a news agency owned by Thomson Reuters. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide writing in 16 languages.

Reuters

We present news that is truthful and based on facts, outside of the political fog. Instead of focusing on the negative things happening around us, our mission is to give our viewers a good morning with empathetic and uplifting stories. Our aim is to provide an antidote to negativity by shining a light on the best side of people. We speak to inspiring people who positively impact communities, pursue topics that represent our common human values, and will never miss an opportunity to bring you heartwarming stories.

NTD Good Morning

2 US Embassy Personnel Assigned to Cartel Case Killed in Car Accident

The Associated Press is an American not-for-profit news agency headquartered in New York City. 

The Associated Press

US News

Gunman Kills 8 Children, Including 7 of His Own, in Louisiana Mass Shooting

Flora Hua is a reporter based at NTD's global headquarters in New York City, where she covers China news, U.S.-China relations, and human rights issues. Flora primarily contributes to NTD's "China in Focus."  

Flora Hua

Trump: Seized Iranian Ship May Have ‘A Gift From China’

Joseph Lord is a congressional reporter for The Epoch Times.


Joseph Lord

Aldgra Fredly is a freelance writer covering U.S. and Asia Pacific news for The Epoch Times.

Aldgra Fredly

Former NYC Mayor Rudy Giuliani Hospitalized in Critical Condition: Spokesman

Wildfires Across Georgia and Florida Have Destroyed Nearly 50 Homes and Are Forcing Evacuations

News you can trust from the U.S. and around the world. Critical information and insight. We cover the stories that others don’t. NTD News Today airs Monday–Friday at 11 a.m. ET.

NTD News Today

US Warns of China Hacks via Routers, Smart Devices

Juliet Song is an international correspondent exclusively covering China news for NTD. She primarily contributes to NTD's "China in Focus," covering U.S.-China relations, the Chinese regime's human rights abuses, and domestic unrest inside China.

Juliet Song

2 Americans Among Suspected Communist Rebels Killed in Clashes With Troops, Philippine Officials Say

Ryan Morgan is a reporter for The Epoch Times focusing on military and foreign affairs. He was previously a news writer for NTD. 


Ryan Morgan

Mari Otsu is NTD's White House correspondent based in Washington. 

Mari Otsu

World News

Middle East

Iran

3 US Warships Fend Off Iranian Attacks, Trump Says Ceasefire Still Holds

3 Dead in Suspected Hantavirus Outbreak on Cruise Ship in Atlantic Ocean: WHO

MOSCOW—President Vladimir Putin on Tuesday delivered Russia's long-awaited response to a Western price cap, signing a decree that bans the supply of crude oil and oil products from Feb. 1 for five months to nations that abide by the cap.

The Group of Seven (G-7) major powers, the European Union and Australia agreed this month to a $60-per-barrel price cap on Russian seaborne crude oil effective from Dec. 5 over Moscow's "special military operation" in Ukraine.

The cap is close to the current price for Russian oil, but well beneath the windfall price Russia was able to sell for this year and that helped offset the impact of financial sanctions on Moscow.

Russia is the world's second largest oil exporter after Saudi Arabia, and a major disruption to its sales would have far reaching consequences for global energy supplies.

The decree, 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."

"Deliveries of Russian oil and oil products to foreign entities and individuals are banned, on the condition that in the contracts for these supplies, the use of a maximum price fixing mechanism is directly or indirectly envisaged," the decree stated, referring specifically to the United States and other foreign states that have imposed the price cap.

"The established ban applies to all stages of supply up to the end buyer."

The decree, which includes a clause that allows for Putin to overrule the ban in special cases, stated: "This ... comes into force on Feb. 1, 2023, and applies until July 1, 2023."

Crude oil exports will be banned from Feb. 1, but the date for the oil products ban will be determined by the Russian government and could be after Feb. 1.

Some analysts have said that the cap will have little immediate impact on the oil revenues that Moscow is currently earning.

However, Finance Minister Anton Siluanov said on Tuesday that Russia's budget deficit could be wider than the planned 2 percent of GDP in 2023, with the oil price cap squeezing export income, an extra fiscal hurdle for Moscow as it spends heavily on its military campaign in Ukraine.

The G-7 price cap allows non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance, and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is being sold for less than the price cap.

EU countries have separately implemented an embargo that prohibits them from purchasing seaborne Russian oil.

Russian Urals oil traded above $56 per barrel on Tuesday, below the price cap level.

Brent crude oil moved a little higher on the news and was up 1.4 precent at $85.1 by 1743 GMT.

PUTIN

Business News

04_Top Stories

export

International

Europe

Latest Clips

Russia–Ukraine War

Latest and breaking news, documentaries, movies, and lifestyle content on NTD+.
 
Empower your knowledge and elevate your spirit with NTD+, your go-to destination for truthful news, insightful documentaries, and captivating lifestyle content that enriches your life.