Putin Exempts "Friendly" Countries from Russian Oil Sales Ban

Russian President Vladimir Putin signed a decree today exempting existing contracts with "friendly" countries and companies from the ban he imposed on Russian oil sales in response to price restrictions. In December, Putin signed a decree prohibiting the supply of crude oil and petroleum products starting February 1 to countries adhering to the price cap. Russia continues to produce and export oil despite sanctions, redirecting its oil exports to China and India to replace traditional markets in Europe.