Putin bans all oil sales to ‘price cap’ states

The move is in response to a Western coalition price limit on Russia’s seaborne oil exports

Moscow, SANA-President Vladimir Putin on Tuesday signed a decree on retaliatory measures to the West’s price cap on Russian oil exports. It comes in response to the measure from the EU, G7 countries, and Australia, which took effect earlier this month.

RT said that the presidential decree bans the supply of oil and petroleum products from Russia to countries which apply a price cap in contracts. It also prohibits deliveries if the contracts directly or indirectly specify the cap.

According to the decree, which was published on the government’s website for legal information, the ban on oil supplies in response to the price cap comes into effect on February 1, 2023 and is valid until July 1, 2023. The date of the ban on the supply of petroleum products will be determined later by the government.

The president can grant special permission for the supply of oil and oil products prohibited by the price ceiling, according to the decree. The Russian Ministry of Energy will monitor compliance with the presidential order on retaliatory measures.

The price cap on Russian seaborne oil exports of $60 per barrel was introduced by the EU, G7 countries, and Australia on December 5. It bans Western companies from providing insurance and other services for Russian oil shipments unless the cargo is purchased at or below the set price.

Mazen Eyon

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