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Putin slaps ban on price-capped Russian oil exports

Written by Nick Blenkey
Putin decrees ban on price capped oil exports

Decree bans export of price capped oil

Russian state controlled news agency Tass reports that President Vladimir Putin has signed a decree on retaliatory measures to the West’s imposition of a price cap on Russian oil. The document bans supplies of Russian oil to buyers who join the West’s restrictions after February 2023.

“The supply of Russian oil and oil products to foreign legal entities and individuals is prohibited, provided that the contracts for these supplies directly or indirectly provide for the use of a price fixing mechanism. The established ban applies at all stages of supplies to the final buyer,” according to a decree published today.

The document comes into force on February 1, 2023 and is valid until July 1, 2023, says Tass.

The ban on the supply of oil established by this decree will be applied directly starting February 1.

The ban on the supply of Russian oil products will be applied “from the date determined by the government of the Russian Federation, but not earlier than from the date this decree comes into force.”

The English language version of the Kremlin website hasn’t published it the decree yet, but if you trust Google translate, here it is in Russian.

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