Russia retaliates on oil price cap as eastern Ukraine sees heavy fighting

KYIV/BAKHMUT, Ukraine - Russia retaliated on Tuesday against a price cap on its oil imposed by Western countries, while its forces were involved in heavy fighting around the eastern Ukrainian city of Bakhmut. Moscow will ban oil sales to countries that abide by the price cap that was imposed on Dec. 5, President Vladimir Putin decreed. The price cap, unseen even in the times of the Cold War between the West and the Soviet Union, is aimed at crippling Moscow's military efforts in Ukraine - without upsetting markets by actually blocking Russian supply. Under the cap, oil traders who want to retain access to Western financing for such crucial aspects of global shipping as...

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