Putin Extends Ban on Russian Oil Exports Over Price Cap

Russian President Vladimir Putin has extended a ban on Russian oil and oil product exports under a price cap through the end of 2027. Deputy Prime Minister Alexander Novak said Russia currently has sufficient fuel reserves. Novak also noted that frenzy in Russia's fuel market has artificially driven up demand by 20-30%, and mentioned a potential ban on diesel exports. The measures are a response to the price cap imposed on Russian oil.