Russia will ban the sale of its oil to countries that use the cap price on February 1, 2023, according to a decree signed by Vladimir Putin on Tuesday, December 27.
“The delivery of Russian oil and oil products to foreign legal entities and other persons is prohibited” if they use the maximum price, it is written in this text.
In early December, the EU and the G7 countries agreed to cap Russian oil at $60 a barrel on top of the European embargo that came into force that same month. Specifically, beyond this limit of 60 dollars, companies will be prohibited from providing services that allow maritime transport (freight, insurance, etc.).
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Source: BFM TV
