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Russia bans supply of oil, petroleum products under price cap

Written by  Shgun S -- December 27th 2022 11:52 PM
Russia bans supply of oil, petroleum products under price cap

Russia bans supply of oil, petroleum products under price cap

Moscow (Russia), December 27: Russian President Vladimir Putin banned the supply of Russian oil and petroleum products if contracts directly or indirectly provide for a price cap imposed by some states, a decree informed on Tuesday.

"The supply of Russian oil and petroleum products to foreign legal entities and individuals is prohibited, provided that the contracts for these supplies directly or indirectly contain the use of a mechanism for capping the marginal price. The ban is applied at all supply stages to the final buyer," the decree said.


It should be noted that the Russian president has the authority to grant special permission for the supply of oil and petroleum products that would otherwise be prohibited by this decree.

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"Supplies of Russian oil and petroleum products, which is prohibited in accordance with this decree, may be carried out based on a special decision of the Russian president," the document added.

According to Sputnik, the ban on Russian oil supply under the price cap will take effect on February 1, 2023, and will last until July 1, 2023.

The Cabinet will decide when the supply of Russian petroleum products will be prohibited, but it will not be before February 1, 2023, when the current decree goes into effect.

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- PTC NEWS

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