RE: Inside knowledge3 Jan 2023 21:28
Putin bans oil exports to price cap countries
Russian President Vladimir Putin has signed a decree banning the sale of oil and oil products to nations participating in the price cap.
The G7, the European Union and Australia agreed to a $60-per-barrel price cap on Russian seaborne crude oil effective from December 5 due to Moscow’s invasion of Ukraine.
The Kremlin’s decree stated: “This … comes into force on February 1, 2023, and applies until July 1, 2023.”
Crude oil exports will be banned from February 1 but the Russian government will determine the date for the oil products ban, which could begin later.
The decree includes a clause that allows Putin to overrule the ban in exceptional cases.