Putin extended retaliatory measures to the oil price ceiling until the end of the year
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Russian President Vladimir Putin signed a decree extending the period for retaliatory measures to the Russian oil price ceiling until December 31. Document published on the Legal Information Portal.
We are talking about the extension of the presidential decree, signed at the end of December last year and was originally in effect from February 1 to July 1.
The document provides for a complete ban on the supply of Russian oil and petroleum products to foreign companies and individuals, if the contracts directly or indirectly provide for a cap price mechanism (the measure is applied at all stages of supplies to the final buyer). At the same time, the head of state has the right to special permission for the supply of oil and oil products, in respect of which restrictions were previously introduced by decree.
This decree was a response to the introduction by Western countries of a price ceiling on Russian oil. The EU countries have agreed on the marginal price for the energy carrier on 3 December. The price ceiling of $60 per barrel came into effect on December 5, along with a ban on Russian oil supplies by sea. For oil products, the restriction will come into effect on February 5, 2023. In addition to the EU, the G7 countries and Australia also joined the price limit.
In response to this decision, the Kremlin said that Moscow would not accept the introduction of a ceiling on Russian oil. Even at the stage of discussion in the EU of the maximum price for Russian energy carriers, Putin emphasized that Russia would not supply energy carriers to those countries that would join the ceiling: “Russia will not act contrary to common sense, pay for someone else’s well-being at its own expense.”
Earlier, the IEA stated that the average export price of Russian oil “loaded on board” in the ports of Primorsk, Novorossiysk and Kozmino in April 2023 increased by 18.7% compared to the previous month and amounted to $60.12/bbl, exceeding the price ceiling of $60/bbl, established as part of the anti-Russian sanctions
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