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Russia’s Initial Response to Oil-Price Cap Holds Back From Retaliation

  • Presidential decree won’t include price floor for oil sales
  • Russia to monitor market in first quarter before other action

Russia’s initial response to the crude-price cap holds back from any drastic retaliatory measures that could further disrupt global oil supplies.

A presidential decree due in the coming days won’t include a price floor for crude sales that was being considered last week, people with knowledge of the matter said on condition of anonymity as the document is still being finalized in the Kremlin. It won’t ban specific countries from buying Russian oil, but will prohibit sales through any contract that mentions a price cap, the people said.