Oil Price: 'Russian President Vladimir Putin has signed a decree that institutes special economic measures that will be in effect until the end of this year.
'Part of those special economic measures will include a ban or restriction on exports outside Russia—the list of products, commodities, and raw materials to be determined later by the Russian government.
'The purpose of the decree is to “ensure the security of the Russian Federation”.
'The United States on Tuesday already banned imports of Russian crude oil, gas, and energy. Outside the United States, other Russian crude oil buyers are self-sanctioning, further limiting Russia’s ability to export its energy products.
'When the United States announced the Russian energy ban, President Joe Biden said it did with the full support of Europe, acknowledging that Europe is not as well-positioned to withstand such a ban.
'Should Russia decide to add crude oil or natural gas to its list of banned or restricted products, however, it could send Europe into a new level of energy crisis.'
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