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Putin bans oil exports to capped countries

Putin bans oil exports to capped countries

The President of Russia, Vladimir Putin, signed a decree yesterday in which he prohibits, as of February 1, 2023, the export of oil to those countries that apply a cap on the prices of Russian crude.

The measure, which responds to the cap of 60 dollars a barrel imposed on Russian crude by the European Union, the G7 and Australia due to the Russian military campaign in Ukraine, will apply until July 1. In the case of petroleum products, the date on which the ban will be introduced will be decided by the Russian government, although it will never be before next February.

The decree specifies that Russia will not comply with oil supplies destined for natural or legal persons in cases of contracts that include “directly or indirectly” mechanisms for setting price limits.

to the final buyer

“The prohibition will apply during all phases of the supply until the final buyer,” he stresses.

The measures are adopted “due to actions that are unfriendly and inconsistent with international law” taken by the US, foreign countries and other organizations, the document said.

He adds that the purpose of the decree is to safeguard Russia’s national interests.

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