Russia’s retaliatory measures on the oil price ceiling come into force
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Effective February 1 decree President Vladimir Putin on special measures to ceiling prices for Russian oil by the G7 countries and the European Union. According to the decree, the sale of Russian oil is prohibited if a price ceiling is specified in the contracts for their supply. The export of oil under the price ceiling can be made only with the permission of the President.
The decree is valid until July 1, 2023. According to the document, the measures were introduced in connection with the “unfriendly and contrary to international law” actions of the United States and its allies, as well as to protect national interests. The date of the ban on the supply of petroleum products will be determined by the government.
A price ceiling on Russian oil at $60 per barrel and an embargo on Russian crude oil shipments by sea came into effect on December 5.
More details – in the material “The ceiling is not a decree for them”.
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