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Russian President Vladimir Putin signed a decree on measures in response to the introduction of a ceiling on prices for Russian oil and petroleum products. The corresponding document is published on the official portal of legal information.
The decree prohibits deliveries if the contracts directly or indirectly specify the cost limit. However, the head of state may make exceptions to this prohibition on the basis of a special decision.
The ban on oil supplies under the price ceiling comes into force on February 1, 2023. It will be valid until July 1, 2023. The date of the ban on the supply of petroleum products will be determined by the government.
Recall that Western oil sanctions came into force on December 5. In turn, the Central Bank experts warned that the ceiling on Russian oil prices and the ban on seaborne exports of Russian oil and petroleum products to Europe would be a new shock for the Russian economy.
As Reuters wrote, after the introduction of the price ceiling, the Russian grade of Urals oil is sold in Asia with deep discounts, and in some cases its price drops below cost.
Source: Rosbalt
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