Putin forbids selling oil to countries that set price limits
Russia President Vladimir Putin signed an order prohibiting the sale of oil to foreign companies and citizens, setting a price limit of 60 dollars per barrel. Western countries imposed this restriction in order to cut Russia’s funding for the war in Ukraine.
According to the order signed on December 27, the ban will take effect on February 1 and will be in effect until July 1.
The ban applies not only to oil, but also to oil products, but the government has not yet decided when the ban on oil products will come into effect.
The document posted on the government portal and the Kremlin website states that this decision was made in response to “unfriendly and illegal actions of the United States and its affiliated foreign countries and international organizations.”
G7 (G7), European Union and Australia shipped by sea earlier this month Russia have reached an agreement on the price limit of 60 dollars per barrel of crude oil from December 5. From that date, the EU transported by sea Russia oil embargo has also come into force.
Russia will keep supplying oil to other buyers on the world market, but at the same time, it is expected that its income from oil sales will decrease.
After the announcement of the price limit, the Deputy Prime Minister of Russia Alexander Novak said that measures will be prepared to refuse the supply of oil to the countries that fulfill the ban.
The EU countries have been negotiating about the price limit for Russian oil for several months. Poland wants a lower price, of Ukraine and it is reported that he called for a limit of 30 dollars per barrel in order to cause more damage to the Russian economy.