Russia bans oil sales to some countries - but oil price barely budges | Business

"The supply of Russian oil and oil products to foreign legal entities and individuals is prohibited if the contracts for these supplies directly or indirectly" are using a price cap, a presidential decree said.It added that the ban may be lifted in individual cases on the basis of a"special decision" from Russian President Vladimir Putin.

Oil prices initially jumped on the announcement and analysts pointed to expectations for stronger demand due to reopening actions by China after lengthy Covid-19 restrictions. The Russian action"should not come too much as a surprise for the market really, given what we heard from them over the recent months," said Matt Smith of Kpler.Brent oil futures for delivery in February ended up 0.5 percent at $84.33 a barrel.

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_Business I have a feeling this article isn't going to age well.

_Business We should all stop buying Russian produce.

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