Russian oil export ban: Russia to ban oil exports to countries using price caps from February: AFP news agency

Moscow, Russia:

Russia on Tuesday issued a decree banning oil sales to countries and companies that meet a price cap agreed by Western countries in response to Moscow’s offensive in Ukraine.

“The supply of Russian petroleum and petroleum products to foreign legal and natural persons is prohibited if the contracts for such supplies directly or indirectly” use a price cap, the presidential decree specifies.

The decree will be in effect from February 1 to July 1.

He added that the ban can be lifted in individual cases based on a “special decision” by Russian President Vladimir Putin.

The $60-a-barrel price cap agreed by the European Union, G7 and Australia came into effect in early December and aims to restrain Russia’s revenue while ensuring Moscow continues to supply the global market .

Introduced alongside an EU embargo on maritime deliveries of Russian crude oil, the cap aims to ensure that Russia cannot circumvent the embargo by selling its oil to third countries at high prices.

Russia said the cap would not affect its military campaign in Ukraine and said it was confident it would find new buyers.

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