In Russia, from February 1, a ban on the supply of Russian oil comes into force, taking into account the price action: exporters undertake not to allow the presence in foreign contracts of clauses on the use of the price cap mechanism. It is reported by TASS.
At the end of December 2022, President Vladimir Putin signed a decree that prohibits the supply of Russian oil and oil products to foreign legal entities and individuals if the contracts directly or indirectly provide for the use of a price ceiling mechanism at any stage of supplies to the final buyer.
The oil ban is valid from February 1 to July 1, the start date for the application of similar measures for petroleum products is to be determined by the Russian government. By special decision, the president may exclude certain supplies from the effect of the decree.
Before March 1, the Ministry of Energy of Russia must coordinate with the Ministry of Finance and publish the procedure for monitoring prices for Russian oil exported.
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