The president of russian federation banned the sale of oil to countries keeping up with the “price ceiling”

Russian president vladimir putin signed a decree prohibiting the sale of oil and oil products to countries that outline a “price ceiling” in contracts.

Thus, putin banned the supply of oil and petroleum products “to legal entities and individuals, provided that the contracts for these supplies directly or indirectly provide for the use of a mechanism for fixing the maximum price,” the document says.

The decree enters into force on February 1 and is valid until July 1, 2023. The restriction on the supply of russian oil has been in effect since February 1, and putin instructed the government to determine the date of the ban on the supply of petroleum products.

At the same time, the document contains a clause according to which deliveries of oil and oil products “can be carried out on the basis of a special decision” of the president of the terrorist country.

It will be recalled that at the beginning of December, the G7 countries and the EU announced the agreement on the “price ceiling” for russian oil, which russian federation exports by sea, at the level of $60/barrel. The mechanism entered into force on December 5 and will be reviewed every two months to keep the ceiling price at 5% below the average market price for russian oil and oil products.