The price cap aims to keep Russian diesel in the global market while cutting into Moscow’s income, thus slashing indirect support to the Kremlin's war chest.
Pakistan and Russia agree to complete an oil and gas export process by end of March with Islamabad paying in "currencies of friendly countries" instead of US dollars.
President Vladimir Putin's decree is seen as a retaliatory mechanism against countries that abide by the West's decision to impose a $60 per barrel price ceiling on Russian oil.
The deal involves a cable running beneath the Black Sea that would link Azerbaijan to Hungary via Georgia and Romania, aimed at decreasing dependency on Russian oil and gas.
Ukrainian military is beefing up protection at power plants and other critical infrastructure ahead of warnings that Russia is planning to launch massive missile strikes, as fighting enters its 284th day.
Russia rejects the price cap on its oil agreed by the EU, G7 and Australia, which Ukraine says will contribute to the destruction of Russia's economy, as fighting enters its 283rd day.
German Chancellor Olaf Scholz's office said he made clear to Putin “that there must be a diplomatic solution as quickly as possible, which includes a withdrawal of Russian troops”, as the conflict enters its 282nd day.
Western leaders want to bleed Moscow financially but China and India haven't indicated if they plan to abandon the purchase of Russian oil.
Russia is still Europe's largest diesel supplier despite the EU reducing its reliance on Russian fuel by 50 percent following Moscow's February attack on Ukraine,
Russian oil "is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China" as long as New Delhi doesn't use Western insurance, finance, or maritime services, says US Treasury Secretary Janet Yellen.
Moscow is already facing the heat of a planned Western price cap on its oil and is offering huge discounts to partners while looking for other buyers, says US Treasury Secretary Janet Yellen.
Indonesia is considering joining India and China in buying Russian oil despite threat of US sanctions, the Financial Times reports after an interview with President Joko Widodo.
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