Russia bans oil exports to countries that impose price cap

The corresponding decree was published on the official portal of legal information of the Russian Federation.

According to the decree, Putin banned the sale of oil to countries that have established a price cap or use mechanisms for fixing the maximum price in contracts.

It is noted that the supply of Russian oil and petroleum products to countries that have introduced a price ceiling will be possible only on the basis of a special decision of Putin, the monitoring will be conducted by the Russian Ministry of Energy.

The decree will enter into force on February 1, 2023 and will be valid until July 1, 2023.

On December 19, EU countries agreed on a gas price cap. On the same day, Russia said it considered the EU plans to introduce a maximum gas price unacceptable and promised to prepare a response.