27 Dec 2022 19:48

Putin signs decree prohibiting sale of Russian oil and oil products under contracts with price cap

MOSCOW. Dec 27 (Interfax) - Russian President Vladimir Putin has signed a decree on countermeasures against the introduction of a price cap on Russian oil and oil products.

The document, which was published on the official online database of legal information, prohibits selling oil and oil products if the contracts envisage a price cap.

At the same time, the Russian president could make exceptions to this ban based on a special decision.

The ban effective from February 1, 2023 will apply to Russian oil shipments to foreign legal entities or individuals under any contracts envisaging, whether directly or indirectly, any application of the price cap mechanism.

The other ban, introduced under the same decree, which applies to Russian oil product shipments in compliance with the price cap mechanism, will take effect on a date eventually determined by the Russian government but not earlier than February 1, 2023.