Moscow, 27.12. (Prensa Latina) President Vladimir Putin today signed a countermeasures decree to the West’s imposition of a price cap on Russian oil, banning supplies to those imposing those sanctions.
According to the decree of the head of state, crude oil will not be shipped to foreign legal entities and individuals if the contracts for such shipments directly or indirectly provide for the use of a price cap mechanism.
The document comes into force on February 1, 2023 and is valid until July 1, 2023.
Meanwhile, the ban on the supply of national petroleum products “applies from the date set by Moscow, but never before the effective date of the decree.
At the same time, Putin reserves the right, through a separate paragraph, to make special decisions on the supply of oil and derivatives, the application of which the provision prohibits.
The Department of Energy will be tasked with regularly monitoring the application of the executive order.
The corporation has also been granted the right to make official statements on the application of this decree in agreement with the Treasury Department.
The interdepartmental working group on fuel and energy management is responsible for monitoring implementation.
On December 5, an embargo on Russian oil shipments by sea to the European Union (EU) came into effect.
EU countries also agreed on a regulated price cap of US$60 per barrel for Russian oil delivered by sea.
The Group of Seven (G7) countries and Australia announced a similar decision.
Similarly, Western countries banned their companies from providing transportation, financial and insurance services to tankers carrying oil from Russia at a price higher than the agreed price.
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