Putin bans Russian oil exports to countries that implement price cap

[Goldhedge]

Putin bans Russian oil exports to countries that implement price cap​

By Alexander Marrow
and Vladimir Soldatkin

MOSCOW, Dec 27 (Reuters) - 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 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.

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Putin bans Russian oil exports to countries that implement price cap

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.

www.reuters.com

 

[Joe King]

Isn't that what normally happens when the bid falls short of the ask? Ie: No sale!