Putin Bans All Oil Sales to ‘Price Cap’ States

The move is in response to a Western coalition price-limit on Russia’s seaborne oil exports

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President Vladimir Putin has signed a decree on retaliatory measures to the West’s price cap on Russian oil exports. The ratification on Tuesday is in response to the punitive measure taken by the EU, G7 countries, and Australia, which came into effect earlier this month.

The presidential decree bans the supply of oil and petroleum products from Russia to countries that apply a price cap in their contracts. It also prohibits deliveries if the contracts directly or indirectly specify the cap.

Western Sanctions on Russian Oil come into Force. No Selling to EU, Looming High Gasoline Price

According to the decree, which was published on the government’s website, the ban on oil supplies in response to the price cap comes into effect on February 1, 2023, and is valid until July 1, 2023. The effective date of the ban on supplying petroleum products will be determined later by the government.

The president can grant special permission for the supply of oil and oil products prohibited by the price ceiling, according to the decree. The Russian Ministry of Energy will monitor compliance with the presidential order on retaliatory measures.

The $60-per-barrel price cap on Russian seaborne oil exports was introduced by the EU, G7 countries, and Australia on December 5. It bans Western companies from providing insurance and other services for Russian oil shipments unless the cargo is purchased at or below the set price.

DA MELONI, ENI & BLACKROCK SEGNALI DI UNA DEVASTANTE PANDEMIA ENERGETICA. Licenza di Speculare grazie a Price Cap su Gas e Petrolio

The Kremlin vowed to respond to the measure in a way that would best serve Moscow’s interests, warning it would not trade with nations that support the price ceiling. Deputy Prime Minister Aleksandr Novak said that Russian oil will still be in high demand despite the latest sanctions on the country’s exports. By imposing a price cap, Western countries will only trigger further energy inflation due to scarce supply, the minister said, adding that Russia views such types of non-market mechanisms as unacceptable.

SOURCE – RUSSIA TODAY

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SOURCEGospa News

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SOURCEGospa News
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Fabio is Director and Editor of Gospa News; a Christian Information Journal. Fabio Giuseppe Carlo Carisio, born on 24/2/1967 in Borgosesia, started working as a reporter when he was only 19 years old in the alpine area of Valsesia, Piedmont, his birth region in Italy. After studying literature and history at the Catholic University of the Sacred Heart in Milan, he became deputy director of a local newspaper and specialized in judicial reporting. For about 15 years he is a correspondent from Northern Italy for the Italian newspapers Libero and Il Giornale, also writing important revelations on the Ustica massacre, a report on Freemasonry and organized crime. With independent investigations, he collaborates with Carabinieri and Guardia di Finanza in important investigations that conclude with the arrest of Camorra entrepreneurs or corrupt politicians. In July 2018 he found the counter-information web media Gospa News focused on geopolitics, terrorism, Middle East, and military intelligence. He is a correspondent from Italy for the French news site Reseau International. He worked for many years for the magazine Art & Wine as an art critic and curator.

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