Oil prices after President Putin’s decision

Oil prices eased slightly today as markets weighed in on the impact of Russian President Vladimir Putin’s imposition of a ban on oil exports to buyers adhering to price ceilings set by the G7 countries.

And by 09:33 Moscow time, futures for American oil fell by 0.30% to $79.29 per barrel.

At the same time, futures for Brent crude fell 0.55% to $83.37 per barrel, according to Bloomberg data.

Yesterday, Russian President Vladimir Putin signed a presidential decree on special measures against the backdrop of a ceiling imposed by a number of countries on Russian oil prices, prohibiting the supply of oil and petroleum products from Russia.

The ban imposed by Russia on the export of crude oil is due to begin in early February 2023 and will be in effect until at least July 2023.

Source: RT + Bloomberg