February 9, 2023
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Russia on Tuesday issued a decree banning the sale of oil to countries and companies that abide by a price cap agreed by Western countries in response to Moscow’s offensive in Ukraine.

“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” contain a price cap, the presidential decree said.

The decision is effective from February 1 to July 1.

It added that the ban could be lifted in individual cases based on a “special decision” by Russian President Vladimir Putin.

The $60 per barrel price cap agreed by the European Union, the G7 and Australia came into effect in early December and seeks to limit Russia’s revenues while ensuring Moscow continues to supply the global market.

Introduced alongside an EU embargo on Russian crude oil deliveries by sea, the cap is intended to ensure that Russia cannot circumvent the embargo by selling its oil to third countries at high prices.

Russia has said the cap will not affect its military campaign in Ukraine and expressed confidence it would find new buyers.

The message Russia bans oil exports to countries with price caps from February appeared first on Vanguard News.

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