Russian President Vladimir Putin signed a decree on retaliatory measures to introduction of a price cap for Russian oil. The corresponding document is published on the portal of legal information.
The document will come into force on February 1, 2023 and will be valid until July 1, 2023.
The Head of State banned the supply of oil and oil products from Russia to those who abide by the price cap. Putin also imposed a ban on the supply of oil to foreign buyers if the contract uses a price cap mechanism.
In addition to this, the president will give special permission for the supply of Russian oil and oil products to countries that have introduced a price cap.
Let us remind you that on December 5, the price cap for the Russian oil at $60 for barrel has come into force. It was approved by the G7 countries, as well as the EU and Australia. The embargo on the supply of Russian crude oil by sea has also come into force.
