Putin inks decree on retaliatory measures to Russian oil price cap

Russian President Vladimir Putin has signed a decree on retaliatory measures to introduce a ceiling on prices for Russian oil, Report informs.

The decree will be valid until July 1, 2023. The ban on the supply of oil and petroleum products from the Russian Federation will be effective from February 1, 2023.

The Russian president has banned the supply of oil and oil products from the Russian Federation to those who indicate a price ceiling in contracts. Putin also banned the supply of oil to foreign buyers if the contract uses a price cap mechanism.

Deliveries of Russian oil and oil products to countries that have introduced a price cap will be possible only on the basis of Putin’s special decision.