As of February 1, 2023, Russia will ban the sale of its oil to countries that apply the ceiling on the prices of the Russian raw material, which was set at $60 per barrel by the European Union, the G7 and Australia in early December.
“The supply of Russian oil and petroleum products to foreign legal entities and other persons is prohibited”if they implement the price cap, according to the decree signed this Tuesday by Russian President Vladimir Putin.
The decision is effective from February 1 to July 1.
The ban can be lifted in concrete cases on the basis of a “special decision” by Putin.
The price agreed by the EU, the G7 and Australia is designed to limit Russia’s revenues and ensure that Moscow continues to supply the global market.
Introduced alongside an EU embargo on maritime deliveries of Russian crude oil, the cap aims to ensure that Russia cannot circumvent the embargo by selling its oil to third countries at high prices.
Russia has said the limit will not affect its military campaign in Ukraine and has expressed confidence it will find new buyers.
Source: DN
