Russia indicated the move was in retaliation for western price caps as punishment for the country's nearly one-year deadly war in Ukraine.
Crude prices jumped on Friday after Russia announced a retaliatory move against western price caps with a plan to reduce oil output by 500,000 barrels per day in March.
... Crude prices jumped on Friday after Russia announced a retaliatory move against western price caps with a plan to reduce oil output by 500,000 barrels per day in March. The European Union banned imports of seaborne Russian oil and oil products and, together with the Group of Seven, adopted price caps for seaborne Russian oil and oil products that took effect last last year. Western governments have largely banded together to punish Russia for its invasion of Ukraine nearly a year ago.
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