Russia's budget has become too reliant on oil income to cover expenses, warned economists and said that if crude prices do not rise as anticipated this year, the government may be forced to increase taxes, showed a Reuters report.

War, oil price cap to weigh on Russia's budget; Moscow likely to hike tax

President Vladimir Putin has delivered Russia’s long-awaited response to a western price cap, signing a decree that bans the supply of crude oil and oil products to nations that impose the cap. The ban will come into effect on 1 February and last for five months.

WION Fineprint: Putin bans Russian oil exports to countries that imposed price cap

Russia bans oil exports to countries that imposed price cap

Moscow says will not accept western price cap on its crude, claims 'Russian oil will continue to be in demand'

After denouncing the price cap that was imposed by the EU and the G7 on Russian oil, Moscow is now trying to cover up the losses that it may have to incur because of that.

OPEC+ stays on with production cut of 2 million barrels per day

G7 and Australia follow EU, agree to $60 a barrel price cap on Russian crude oil

Energy regulator Ofgem has today announced its quarterly update for average household bills and has raised the energy price cap by about 21% for the period 1 January – 31 March 2023.

Ofgem raises energy price cap by over 20% for average household bills

US and allies to announce price cap on Russian oil; move will help cut Moscow's revenues for its war machine

EU unveils 'safety ceiling' on natural gas to grapple with high energy prices

G7 coalition agrees to set a fixed rate for proposed price cap on Russian oil

As European Union and Britain battle to mitigate what is dubbed as the energy war with Russia, energy prices are skyrocketing making Europe sweat and pushing Britain towards a risk of recession.

EU readies energy package, countries split over gas price cap

While European commission will propose a price cap on Russian gas, some EU countries fear that supply could get even lower after this move. European Union Chief Ursula Von Der Leyen has said that, we must cut Russia's revenues.

European commission to propose price cap on Russian gas; some EU countries wary over the move

Putin threatens 'no gas, no oil' to countries introducing price caps on Russian oil

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