Russia signs $13bn-a-year oil deal with India in blow to Western sanctions
1 week, 3 days ago

Russia signs $13bn-a-year oil deal with India in blow to Western sanctions

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Russian state-owned oil firm Rosneft has signed a deal worth $13bn a year selling oil to Indian refiner Reliance in a blow to sanctions against Vladimir Putin’s government. The 10-year deal is for the supply of 500,000 barrels of oil per day, or about 0.5 per cent of the world’s supply, according to the Reuters news agency. “The huge rise in Indian oil imports from Russia since 2022 has led to the re-export of large quantities of oil products to the EU, thereby effectively breaching the EU embargo on Russian oil.” “The new deal is also going ahead as the G7 sanctions coalition is looking at ways to enforce its global price cap on Russian oil more effectively. Secondary sanctions on Russian oil sales are growing, including on Russia’s "shadow fleet" that now transports nearly all its oil exports.” India, China and other nations have made use of the sanctions to buy cheap oil and gas from Russia.

India Indian Russian Oil Western Sanctions Russia Signs  breaking  cent  eu  13bnayear  russia  signs  india  blow  russian  oil  russias  sign  deal  western  sanctions

History of this topic

UK announces fresh sanctions on Russian energy
5 days, 7 hours ago

UK announces fresh sanctions on Russian energy

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK has announced a fresh wave of sanctions on …

Ten EU countries seek wider sanctions on Russian-origin metal - letter
1 week ago

Ten EU countries seek wider sanctions on Russian-origin metal - letter

Hindustan Times  

* Ten EU countries seek wider sanctions on Russian-origin metal - letter 10 EU countries propose more sanctions on Russian metals output * US, Britain have sanctions on Russian-origin metal, EU does not * EU metal consumers have found alternative supplies By Pratima Desai and Julia Payne London/Brussels, - Ten European Union countries have proposed further sanctions on Russian trade, …

EU slaps sanctions on dozens more Russian officials and targets its shadow oil and gas fleet
1 week ago

EU slaps sanctions on dozens more Russian officials and targets its shadow oil and gas fleet

Associated Press  

BRUSSELS — The European Union on Monday imposed fresh sanctions on dozens of officials linked to Russia’s war on Ukraine, including two top North Korean defense officials, a military unit blamed for an attack on a Kyiv children’s hospital and the heads of companies in the energy sector. Russia’s vast shadow fleet of ships that Moscow is exploiting to skirt …

Serbia’s main gas supplier that is controlled by Russia faces US sanctions, president says
1 week, 2 days ago

Serbia’s main gas supplier that is controlled by Russia faces US sanctions, president says

Live Mint  

BELGRADE, Serbia — The United States plans to introduce sanctions against Serbia’s main gas supplier that is controlled by Russia, Serbia’s president said Saturday. Although formally seeking European Union membership, Serbia has refused to join Western sanctions against Russia over its invasion in Ukraine, in part because of the crucial Russian gas deliveries. Vucic said that despite the embargo threat, …

Serbia’s main gas supplier that is controlled by Russia faces US sanctions, president says
1 week, 2 days ago

Serbia’s main gas supplier that is controlled by Russia faces US sanctions, president says

Associated Press  

BELGRADE, Serbia — The United States plans to introduce sanctions against Serbia’s main gas supplier that is controlled by Russia, Serbia’s president said Saturday. Although formally seeking European Union membership, Serbia has refused to join Western sanctions against Russia over its invasion in Ukraine, in part because of the crucial Russian gas deliveries. Vucic said that despite the embargo threat, …

Rosneft, Reliance agree biggest ever India-Russia oil supply deal: Reports
1 week, 4 days ago

Rosneft, Reliance agree biggest ever India-Russia oil supply deal: Reports

Deccan Chronicle  

Russia's state oil firm Rosneft has agreed to supply nearly 500,000 barrels per day of crude to Indian private refiner Reliance in the biggest ever energy deal between the two countries, three sources familiar with the deal said.The 10-year agreement amounts to 0.5% of global supply and is worth roughly $13 billion a year at today's prices. The company declined …

EU targets Russia’s ghost fleet shipping oil in a new round of sanctions
Trending News
1 week, 5 days ago

EU targets Russia’s ghost fleet shipping oil in a new round of sanctions

Associated Press  

BRUSSELS — European Union envoys have agreed a new raft of sanctions against Russia over its war on Ukraine, targeting in particular a vast shadow fleet of ships that Moscow is exploiting to skirt restrictions on transporting oil and fuel, the EU’s Hungarian presidency said on Wednesday. The sanctions are aimed at about 50 of what are routinely decrepit ships …

US Considers New Russia Oil Sanctions to Weaken Putin Ahead of Trump
1 week, 5 days ago

US Considers New Russia Oil Sanctions to Weaken Putin Ahead of Trump

Deccan Chronicle  

The Biden administration is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine just weeks before Donald Trump returns to the White House.Details of the possible new measures were still being worked out, but President Joe Biden’s team was considering restrictions that might target some Russian oil exports, according to …

EU informs India on firms breaking sanctions through dealings with Russian firms
1 week, 5 days ago

EU informs India on firms breaking sanctions through dealings with Russian firms

Hindustan Times  

New Delhi: The European Union has provided information to Indian authorities about Indian entities that are apparently violating EU sanctions through their dealings in technology components with Russian firms, people familiar with the matter said. The EU has worked with like-minded partners to draw up the list of “Common High Priority sanctioned goods” or “battlefield items” for which businesses should …

EU shares with India inputs on Indian entities making supplies to Russia in 'violation' of G7 sanctions
1 week, 6 days ago

EU shares with India inputs on Indian entities making supplies to Russia in 'violation' of G7 sanctions

Hindustan Times  

New Delhi, The European Union has provided India with inputs on the alleged involvement of certain Indian entities in supplying "high priority" goods with possible military application to Russia in violation of Western sanctions, people familiar with the development said. EU shares with India inputs on Indian entities making supplies to Russia in 'violation' of G7 sanctions EU Sanctions Envoy …

Russia loosens rules for fossil fuel payments by foreign countries to bypass US sanctions
2 weeks, 3 days ago

Russia loosens rules for fossil fuel payments by foreign countries to bypass US sanctions

Firstpost  

The loosening of payment rules comes as Russia grapples with economic challenges stemming from the sanctions Russian President Vladimir Putin has eased the process of making payments for fossil fuels for foreign countries. The move to ease payments, announced Thursday in an order by President Vladimir Putin, seeks to mitigate the financial impact of new US sanctions designed to curb …

Exclusive-Rising costs squeeze intermediaries out of thriving Russian oil trade with India
2 weeks, 4 days ago

Exclusive-Rising costs squeeze intermediaries out of thriving Russian oil trade with India

Live Mint  

By Nidhi Verma NEW DELHI/MOSCOW - Three trading houses have become dominant sellers of Russian oil to India as many smaller players dropped out of the business due to high funding costs in Russia and lack of access to Western funds, according to data and six trading sources. Traders such as Dubai-based Starex Trading and Pontus Trading, which were large …

Russia pays in oil to North Korea for supplying troops, weapons to fight Ukraine war: Report
1 month ago

Russia pays in oil to North Korea for supplying troops, weapons to fight Ukraine war: Report

Firstpost  

Russia has reportedly supplied North Korea with more than a million barrels of oil since March, months before Pyongyang started sending weapons and troops to Moscow to fight in Ukraine war North Korean leader Kim Jong Un is sending troops and weapons to Russia not for the sake of his growing friendship with Vladimir Putin, but in exchange for adequate …

The biggest remaining unsanctioned Russian bank hit with U.S. sanctions, nearly three years into war
1 month ago

The biggest remaining unsanctioned Russian bank hit with U.S. sanctions, nearly three years into war

Associated Press  

WASHINGTON — Russia’s third largest bank, Gazprombank and its six foreign subsidiaries were hit with U.S. sanctions on Thursday — in a move intended to curtail Russia’s ability to evade the thousands of sanctions imposed on the nation since the start of Russia’s invasion of Ukraine in February 2022. Treasury Secretary Janet Yellen said the sanctions targeting Russia’s largest remaining …

U.K. sanctions ten ships from Russia’s ‘shadow fleet’
3 months, 1 week ago

U.K. sanctions ten ships from Russia’s ‘shadow fleet’

The Hindu  

The U.K. government, on Wednesday, announced sanctions on a “shadow fleet” of ten Russian oil tankers that it has alleged were circumventing Western oil sanctions. The European Union and Group of Seven countries, including the U.K., are among those who have participated in U.S.-led sanctions on Russian oil, with petroleum being a critical source of funding for Russia’s war with …

Hungarian minister accuses EU of orchestrating stoppage of Russian oil through Ukraine
4 months, 3 weeks ago

Hungarian minister accuses EU of orchestrating stoppage of Russian oil through Ukraine

Associated Press  

BUDAPEST, Hungary — Hungary’s Foreign Minister Péter Szijjártó Tuesday accused the European Union’s executive commission of orchestrating a stoppage of some Russian oil supplies into the bloc through Ukraine and warned that the dispute could lead to an energy crisis. Ukraine last month adopted sanctions against Lukoil — Russia’s largest non-state firm — which prohibited the transit of its oil …

Chabahar: India’s Balancing Act Against China, West Asia and the West
7 months, 1 week ago

Chabahar: India’s Balancing Act Against China, West Asia and the West

News 18  

Geostrategy is increasingly becoming a process of increasing a nation’s options. While Russia has been encountering sanctions from Western Europe and the US ever since the war with Ukraine, Iran has endured them for far longer. The US, Israel and others in West Asia are aware of India’s cordial relationship with Iran. India’s sea and land route via Chabahar in …

No sanctions against India for purchasing, refining Russian oil: U.S. Treasury officials
8 months, 2 weeks ago

No sanctions against India for purchasing, refining Russian oil: U.S. Treasury officials

The Hindu  

April 04, 2024 07:55 pm | Updated 09:51 pm IST - NEW DELHI Striking a conciliatory note on India’s imports of Russian oil, U.S. Treasury department officials visiting Delhi said on April 4 that the aim of U.S. sanctions and the oil “price cap” was not to limit the purchase of Russian ‘Ural’ oil, but to limit the revenues made …

US has not asked India to reduce Russian oil imports: Officials
8 months, 2 weeks ago

US has not asked India to reduce Russian oil imports: Officials

Hindustan Times  

NEW DELHI: The US has not asked India to reduce its imports of Russian oil and the price cap and sanctions regime imposed by the G7 are aimed at squeezing Moscow’s profits from crude sales and impeding its ability to finance the war in Ukraine, two US officials said on Thursday. Russian oil is priced above $60 a barrel The …

US to tell event in India that price cap on Russian oil working
8 months, 2 weeks ago

US to tell event in India that price cap on Russian oil working

Hindustan Times  

The G7 price cap on Russian oil shipments is cutting the revenue that Moscow has available to support its invasion of Ukraine, and the mechanism's effectiveness is helped by the recent actions of Indian refiners, U.S. officials will tell an event in New Delhi on Thursday, according to prepared remarks. "We know that the Indian economy has much at stake …

Russia’s backdoor to the global banking system is slamming shut
9 months ago

Russia’s backdoor to the global banking system is slamming shut

Live Mint  

When the U.S. and Europe tried to sever Russia from the Western financial system, Moscow found workarounds. Emirates NBD was one of the biggest beneficiaries, according to people familiar with the matter, including financial professionals in the Persian Gulf country, U.S. officials and an energy executive. Emirates NBD has ordered the closure of accounts held by Coral, Voliton, Bellatrix and …

What can Russia do to sell its unwanted oil?
9 months, 2 weeks ago

What can Russia do to sell its unwanted oil?

Hindustan Times  

ON FEBRUARY 22ND, two days before Russia invaded Ukraine, a German-flagged vessel left the Russian port of Primorsk loaded with 33,000 tonnes of oil. On March 24th the volume of Russian seaborne oil exports, at 2.3m barrels per day, was nearly 2m below the level on March 1st, reckons Kpler, a data firm. In May 2018 America imposed “maximum pressure” …

US vows ‘major sanctions’ on Russia over Alexei Navalny's death
10 months ago

US vows ‘major sanctions’ on Russia over Alexei Navalny's death

Hindustan Times  

The White House says it is preparing additional “major sanctions” on Russia in response to opposition leader Alexei Navalny's death in an Arctic penal colony. National Security Adviser Jake Sullivan said the sanctions, on the eve of the two-year anniversary of Russia’s invasion of Ukraine, “will be a substantial package covering a range of different elements of the Russian defense …

Fear of sanctions keeps SBI off Russian oil deals
11 months, 1 week ago

Fear of sanctions keeps SBI off Russian oil deals

Live Mint  

NEW DELHI : State Bank of India has long avoided payment transactions for Russian oil bought by state-run refiners to avert US sanctions that came into force on 5 December 2022, two people aware of the matter said. Mint also reported about India’s largest lender requesting data on purchasing prices from refiners such as Indian Oil Corp. Ltd, Bharat Petroleum …

U.S. imposes more Russian oil price cap sanctions and issues new compliance rules for shippers
1 year ago

U.S. imposes more Russian oil price cap sanctions and issues new compliance rules for shippers

Associated Press  

WASHINGTON — The U.S. imposed new sanctions on alleged violators of a $60 per barrel price cap on Russian oil and tightened compliance rules for insurance firms and shippers, Wednesday. Also sanctioned were Hong Kong-based Covart Energy, which has increased its share of the trade of Russian oil since the price cap policy was implemented, and Hong Kong-based Bellatrix Energy. …

Sanctions on Russian oil have failed. Were they ever meant to succeed?
1 year ago

Sanctions on Russian oil have failed. Were they ever meant to succeed?

Al Jazeera  

Last December, the European Union banned imports of Russian crude oil in a bid to starve the Russian war machine into submission over its invasion of Ukraine. Sanction-proof tankers Anticipating this, the EU, along with the G7, last year placed a $60-per-barrel price cap on Russian oil sold to third parties. “It’s basically a sanction-proof tanker.” Western protection-and-indemnity-insured tankers dropped …

US announces hundreds of new sanctions in push to isolate Russia
1 year ago

US announces hundreds of new sanctions in push to isolate Russia

Al Jazeera  

New sanctions target entities and individuals around the world in bid to isolate Russia as its war on Ukraine continues. The United States has announced hundreds of new sanctions targeting entities and individuals across the globe, seeking to further isolate Russia as its war on Ukraine grinds on. “The Kremlin has steadily turned Russia into a wartime economy, but Putin’s …

Russia’s ruble has tumbled. What does it mean for the wartime economy?
1 year, 4 months ago

Russia’s ruble has tumbled. What does it mean for the wartime economy?

Associated Press  

Russia’s ruble has fallen a long way in recent months, and the country’s central bank has stepped in to try to halt the slide. Previously, Russia saw a large trade surplus — which typically supports a country’s currency — because of high oil prices and plummeting imports after invading Ukraine. But oil prices have dipped this year, and it’s more …

Russia Uses Little-Known Traders to Sell Oil to the World
1 year, 4 months ago

Russia Uses Little-Known Traders to Sell Oil to the World

Live Mint  

Russia struck deals to sell a substantial portion of its petroleum output to a group of previously little-known oil traders, locking in a stream of cash from its lifeblood industry. All three have been active exporters of crude and refined products since sanctions on Russian oil took effect in December, according to Russian customs data and industry executives. Representatives for …

Russia oil discount to India shrinks to $4, delivery charges remain opaque
1 year, 5 months ago

Russia oil discount to India shrinks to $4, delivery charges remain opaque

India TV News  

The steep discounts on Russian crude oil that India gorged on since the Ukraine war, have plunged but the shipping rates charged by Russia-arranged entities continue to remain 'opaque' and higher than normal, sources said. The discounts could have been higher if state controlled units, who account for roughly 60 per cent of the 2 million barrels per day of …

Russia 'using refrigerator, washing machine parts in missiles' due to sanctions impact
1 year, 6 months ago

Russia 'using refrigerator, washing machine parts in missiles' due to sanctions impact

India Today  

Amid the adverse impact of sanctions imposed by Western countries on Russia in the past 15 months, the country is reportedly equipping its soldiers with weaponry containing components salvaged from household appliances. They're repurposing things like computers that used to go into washing machines and now are going into missiles," Dr Haar said, while speaking to Express.co.uk. Dr Haar's remarks …

Sanctions against Russia and what the G7 may do to fortify them
1 year, 7 months ago

Sanctions against Russia and what the G7 may do to fortify them

Associated Press  

HIROSHIMA, Japan — The Group of Seven advanced economies are expected to announce a new set of sanctions against Russia to try to further hinder its war effort in Ukraine during their summit in Hiroshima, Japan. On Friday, the United Kingdom announced new sanctions targeting Russian seizures of Ukrainian grain, advanced military technology and Moscow’s remaining revenue sources. On Friday, …

EU’s top diplomat wants to increase scrutiny on European buyers of Indian products based on Russian oil
1 year, 7 months ago

EU’s top diplomat wants to increase scrutiny on European buyers of Indian products based on Russian oil

The Hindu  

May 19, 2023 09:10 pm | Updated 10:34 pm IST - London Days after saying the European Union had to curb the import of refined petroleum products from India, the EU’s top foreign affairs and security official, Josep Borrell, suggested that EU entities buying refined products from India were primarily accountable for the leakage of Russian oil-based products into the …

EU to curb Indian fuel imports made with Russian oil: Report
1 year, 7 months ago

EU to curb Indian fuel imports made with Russian oil: Report

Al Jazeera  

The EU’s foreign policy chief has called for a crackdown of Russian oil into Europe as refined fuel, including diesel. Josep Borrell, the European Union’s foreign policy chief, has said that the bloc will act against the importation of Indian petroleum products that use Russian oil, in rare explicit criticism of India’s role in helping Russia evade Western sanctions amid …

Russia launches intense air raid on Kyiv, top Chinese diplomat to tour Ukraine and Russia
1 year, 7 months ago

Russia launches intense air raid on Kyiv, top Chinese diplomat to tour Ukraine and Russia

ABC  

Russia launched an exceptionally intense air attack on Kyiv in the early hours of Tuesday, using drones, cruise and probably ballistic missiles, city officials said, as the Ukrainian capital suffered its eighth air raid this month. Key points: Russia fired six ballistic missiles from aircraft, nine cruise missiles from ships in the Black Sea and three missiles from land Ukraine …

India leads ‘Laundromat’ countries buying Russian crude and selling oil products to Europe: report
1 year, 7 months ago

India leads ‘Laundromat’ countries buying Russian crude and selling oil products to Europe: report

The Hindu  

India leads five countries named as the “Laundromat” countries that buy Russian oil and sell processed products to European countries, thus sidestepping European sanctions against Russia, says a Helsinki-based group that cited the latest figures for the first quarter of 2023. The report accused Indian sellers and European buyers of possibly “circumventing sanctions” by selling crude products from a refinery …

EU is still largest importer of Russian oil due to loophole in sanctions, report claims
1 year, 8 months ago

EU is still largest importer of Russian oil due to loophole in sanctions, report claims

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. The EU, Group of Seven …

Explained | Why is Japan circumventing sanctions on Russian oil?
1 year, 8 months ago

Explained | Why is Japan circumventing sanctions on Russian oil?

The Hindu  

The story so far: Japan has been purchasing oil from Russia at a price above the $60 per barrel price cap imposed by the West, according to reports this week. However, Japan’s decision to purchase oil above the price cap once again brings to the fore the strong incentives facing countries to subvert the West’s $60 per barrel price cap. …

Russia announces deal to boost oil supplies to India
1 year, 8 months ago

Russia announces deal to boost oil supplies to India

The Hindu  

Russian energy giant Rosneft announced a deal on Wednesday to ramp up oil sales to India, as Moscow seeks new buyers in the wake of tensions with the West over the Ukraine conflict. "Rosneft Oil Company and Indian Oil Company signed a term agreement to substantially increase oil supplies as well diversify the grades to India," Rosneft said in a …

Russia says oil sales to India soared 22-fold last year
1 year, 8 months ago

Russia says oil sales to India soared 22-fold last year

Al Jazeera  

Sales to India surged in 2022 as European buyers turned to other markets after the Ukraine war, Russian deputy PM says. Russian oil sales to India surged more than 22-fold last year as European buyers turned to other markets following the conflict in Ukraine, Russia’s deputy prime minister has said. Russia shifted its oil exports to India and China last …

Russia’s economy holds up, but growing challenges test Putin
1 year, 9 months ago

Russia’s economy holds up, but growing challenges test Putin

Associated Press  

Western sanctions have hit Russian banks, wealthy individuals and technology imports. Economists say sanctions on Russian fossil fuels only now taking full effect — such as a price cap on oil — should eat into earnings that fund the military’s attacks on Ukraine. “We have had even worse periods of time in history, and we coped,” he said, but added …

India’s oil deals with Russia dent decades-old dollar dominance
1 year, 9 months ago

India’s oil deals with Russia dent decades-old dollar dominance

Live Mint  

U.S.-led international sanctions on Russia have begun to erode the dollar's decades-old dominance of international oil trade as most deals with India - Russia's top outlet for seaborne crude - have been settled in other currencies. After a coalition opposed to the war imposed an oil price cap on Russia on Dec. 5, Indian customers have paid for most Russian …

EU slaps sanctions on top Russia officials, banks, trade
1 year, 9 months ago

EU slaps sanctions on top Russia officials, banks, trade

The Hindu  

The European Union agreed Saturday to impose new sanctions on Russia over its invasion of Ukraine targeting more officials and organizations accused of supporting the war, spreading propaganda or supplying drones, as well as restricting trade on products that could be used by the armed forces. Transactions with some of Russia’s largest banks are also prohibited.” Asset freezes were slapped …

How China and India’s appetite for oil and gas kept Russia afloat
1 year, 9 months ago

How China and India’s appetite for oil and gas kept Russia afloat

Al Jazeera  

Despite Western-led sanctions aimed at punishing Russia over its war in Ukraine, growing demand for Russian energy imports has helped keep the country’s besieged economy afloat. China and India, both of which have declined to condemn Russia or impose sanctions over the war, became the biggest buyers of Russian crude oil last year as Western countries restricted imports and imposed …

EU weighs new powers to hit those helping Russia evade sanctions
1 year, 10 months ago

EU weighs new powers to hit those helping Russia evade sanctions

Firstpost  

The new powers may include issuing warnings to people or companies outside and in the EU that are helping Russia get around sanctions and giving the bloc the ability to act where this relates to products used against Ukraine in battle, according to a report New Delhi: A number of European Union member states are urging the block to strengthen …

‘Not looking to sanction India, our relations are most consequential’: U.S.
1 year, 10 months ago

‘Not looking to sanction India, our relations are most consequential’: U.S.

The Hindu  

U.S. Assistant Secretary of State for European and Eurasian Affairs Karen Donfried on Wednesday said that the U.S. is comfortable with the approach India has taken in buying oil from Russia and added that her country is not looking to sanction New Delhi as the relations between the two countries are most consequential. While responding to a media query regarding …

'US won't impose sanctions on India for purchasing Russian oil despite oil price cap': Top Energy official
1 year, 10 months ago

'US won't impose sanctions on India for purchasing Russian oil despite oil price cap': Top Energy official

India TV News  

The United States on Wednesday confirmed that it was not planning to impose any sanctions on India, amid the fact New Delhi exporting record-high Russian oil irrespective of the European Union and West imposed price cap on energy resources. EU, G7 partners agree on price cap on Russian petroleum products Notably, both the EU and the US adopted further price …

Russia has amassed a shadow fleet to ship its oil around sanctions
1 year, 11 months ago

Russia has amassed a shadow fleet to ship its oil around sanctions

NPR  

Russia has amassed a shadow fleet to ship its oil around sanctions Enlarge this image toggle caption AP AP Before Russia invaded Ukraine last February, Europe was by far the largest customer for the oil sales that give Moscow its wealth, even bigger than Russia's domestic market. It's known in the oil industry as a "shadow fleet." He says the …

Russia bans sales of oil to countries imposing price cap
1 year, 11 months ago

Russia bans sales of oil to countries imposing price cap

Live Mint  

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. Many of Russia’s crude exports are now selling at market prices well below the $60 cap, primarily to countries like India, China and Turkey that haven’t …

Discover Related