Russian President Vladimir Putin signed a decree to ban the sale of oil to countries that apply a cap on his country’s crude prices from February 1.
The measure, which responds to the cap of 60 dollars a barrel imposed on Russian crude by the European Union, the G7 and Australia due to the Russian military campaign in Ukraine, will apply until July 1.
In the case of petroleum products, the date on which the ban will be introduced will be decided by the Russian government, although it will never be before next February.
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The decree specifies that Russia will not comply with oil supplies destined for natural or legal persons in cases of contracts that include “directly or indirectly” mechanisms for setting price limits.
“The prohibition will apply during all phases of the supply until the final buyer,” he stresses.
Russia has assured that the price cap will not affect its military campaign in Ukraine and is confident of finding new buyers.
Putin’s decision did not change oil prices much, which have been near their highest level for three weeks.
Russia is the world’s second largest exporter of oil and, in 2021, it was still the second largest supplier to the countries of the European Union. (YO)
Source: Eluniverso
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