The government clarified the procedure for responding to the ceiling of prices for Russian oil
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The government published decree, which explains the implementation of the presidential decree on the application of retaliatory measures due to the imposition of a price ceiling on Russian oil. In particular, the Cabinet of Ministers instructed oil exporters to monitor the non-application of the price ceiling to the final buyer of the energy resource.
The Ministry of Energy, in agreement with the Ministry of Finance, must approve the procedure for monitoring oil prices by March 1.
“Legal entities and individuals that have entered into contracts for the supply of goods … for export are required to: ensure … monitoring of the non-use of the mechanism for fixing the maximum price to the final buyer,” the document explains.
On December 27, 2022, Russian President Vladimir Putin signed a decree according to which Russian oil cannot be sold, taking into account the price ceiling prescribed in the contract. Export of oil at a limited cost can be carried out only with the special consent of the President. The EU states, G7, Australia, Norway and other countries introduced a price ceiling for oil supplied from Russia at $60 per barrel on December 5, 2022.
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