Russia is banning oil sales to countries that comply with a $60 per barrel price cap set by Western countries in response to Moscow's offensive in Ukraine
Russia has said the cap will not affect its military campaign in Ukraine and expressed confidence it would find new buyers.
"The supply of Russian oil and oil products to foreign legal entities and individuals is prohibited if the contracts for these supplies directly or indirectly" are using a price cap, the presidential decree said Tuesday.It added that the ban may be lifted in individual cases on the basis of a "special decision" from Russian President Vladimir Putin.
Introduced alongside an EU embargo on seaborne deliveries of Russian crude oil, the cap aims to ensure Russia cannot bypass the embargo by selling its oil to third countries at high prices. Russia ranks second to Saudi Arabia as the world's largest producer of crude oil among OPEC+ countries.
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