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Russia Bans Sales of Oil to Countries Imposing Price Cap
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Russia on Tuesday banned the sale of its oil and petroleum products to countries that put a cap on their sales price, in a move that threatened more uncertainty ahead for global energy markets.
The Kremlin’s action is an attempt to undermine a plan by the U.S. and its allies to bar the shipping, financing or insuring of seaborne Russian crude unless it is sold for $60 a barrel or less—a sanction leveled in response to Russia’s invasion of neighboring Ukraine.
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