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. | Reuters
That is close to the current price for Russian oil, but far below the prices at which Russia was able to sell it for much of the past year, when windfall energy profits helped Moscow offset the impact of financial sanctions.
Russia is the world’s second largest oil exporter after Saudi Arabia, and any actual disruption to its sales would have far-reaching consequences for global energy supplies.On the ground in eastern and southern Ukraine, Russian forces again shelled and bombed towns and cities on Tuesday. After a number of dramatic Ukrainian gains in the autumn, the war has entered a slow, grinding phase as bitter winter weather has set in at the front.
In Kherson, abandoned by Russian troops last month, Russian forces shelled the maternity wing of a hospital, said Kyrylo Tymoshenko, Ukrainian President Volodymyr Zelenskiy’s deputy chief of staff, on Telegram. No one was hurt and the staff and patients had been moved to a shelter, Tymoshenko said.
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