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MIKHAIL METZEL/SPUTNIK/AFP via Getty Images
Russian President Vladimir Putin declared Tuesday that his nation will ban crude oil and petroleum product exports to countries that impose a price cap on Russian crude.
On Dec. 5, the Group of Seven (G7) wealthy democracies, including the U.S., Germany and the U.K., banned Western companies from insuring or shipping Russian oil unless it was sold under $60 a barrel to punish Russia for invading Ukraine while simultaneously bringing down global fuel prices. Putin signed a decree outlining retaliatory measures that will prevent Russian companies from selling oil to the U.S. and other countries that impose a price cap from February 2023, until July, according to the decree.