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Russian President Vladimir Putin signed a presidential decree on the 27th, taking special economic measures once morest the price ceiling imposed by the West on Russian oil and oil products. According to relevant documents published on the Kremlin website on the same day, in view of the unfriendly measures taken by the United States, the West and other countries and international organizations to set price caps on Russian oil and petroleum products, in order to safeguard national interests, Russia will prohibit direct or indirect use of oil in contracts. The supply of Russian oil and oil products by foreign legal entities and individuals setting a price cap mechanism. This presidential decree will come into effect on February 1, 2023 and will be valid until July 1, 2023.
Putin signs presidential decree in response to Western oil price limit
Russian President Vladimir Putin signed a presidential decree on the 27th, taking special economic measures once morest the price ceiling imposed by the West on Russian oil and oil products. According to relevant documents published on the Kremlin website on the same day, in view of the unfriendly measures taken by the United States, the West and other countries and international organizations to set price caps on Russian oil and petroleum products, in order to safeguard national interests, Russia will prohibit direct or indirect use of oil in contracts. The supply of Russian oil and oil products by foreign legal entities and individuals setting a price cap mechanism. This presidential decree will come into effect on February 1, 2023 and will be valid until July 1, 2023.
