Russian President Putin has signed a decree banning oil supplies to countries that have introduced price caps on Russian oil and petroleum products, according to the decree published on the Kremlin's website -- a move that may prove to be largely symbolic.
Russian President Vladimir Putin signed a decree on Tuesday banning oil supplies to countries that have introduced price caps on Russian oil and petroleum products, according to the decree published on the Kremlin’s website – a move that may prove to be largely symbolic. Earlier this month, Western countries implemented a price cap on Russian crude oil at $60 a barrel, a policy aimed at Moscow’s remaining oil customers.
“Supplies of Russian oil and oil products to foreign legal entities and individuals are prohibited, provided that the contracts for these supplies directly or indirectly provide for the use of a price fixing mechanism,” Putin said in his decree. “The established ban applies at all stages of supplies to the final buyer.” The ban on oil supplies under the price ceiling will go into effect February 1 and is valid until July 1, 2023.
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