Russia’s President Vladimir Putin signed a decree on countermeasures against the G7 oil price cap at the end of 2022.
After months of remaining resilient in the face of heavy western sanctions, the Russian rouble has finally caved in, slumping past 68 per U.S. dollar to a more than seven-month low on Monday, courtesy of plunging crude prices as well as fears that sanctions on Russian oil could hit the country’s export revenue, Reuters reports.
Russia is still considering its response to the $60 price cap on its crude oil, but it is close to completing the work on the countermeasures, Kremlin spokesman Dmitry Peskov said on Monday.
A new explosion and inferno has hit a strategic Russian oil and gas field amid suspicions key facilities are being targeted in sabotage attacks linked to Vladimir Putin’s war in Ukraine.
Russia is interested in increasing its oil production through projects in Venezuela, Russian deputy prime minister Alexander Novak said on Thursday, according to TASS.