Russia on Tuesday banned the sale of oil and other related products to countries that impose a price cap.
A price-cap regulation is a form of economic regulation that sets a limit on the prices that a utility provider can charge on goods or services.
Russia’s actions come after the G-7 moves of outlawing Western oil companies from insuring, shipping, and financing Russia’s oil at a price above $60/barrel.
Russia’s action is a threat to the global market of energy.
The Fluctuation of the United States of America gas prices throughout the year and the European embargo on Russian oil indicated more uncertainty in the global energy markets.