Russian President Putin Signs A Decree Banning The Supply Of Crude Oil To Countries That Impose A Price Cap

RFE: Putin Signs Decree Banning Russian Oil Exports To Countries That Impose Price Cap

Russian President Vladimir Putin has signed a decree banning the supply of crude oil to foreign companies and citizens that abide by a $60-per-barrel price cap set by Western allies as a means to squeeze Russian revenue used to fund the war in Ukraine.

The restrictions will take effect on February 1 and remain in effect until July 1, according to the decree signed by Putin on December 27. The decree

applies not only to oil but also to oil products; however, the government will separately determine the date from which sales of those products at the established price ceiling will be prohibited.

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Update #1: Putin bans Russian oil supplies at "capped" prices from February 2023 — decree (TASS)

Update #2: Putin bans Russian oil exports to countries that implement price cap (Reuters)

WNU Editor: Here is an easy prediction. This Russian oil will be sold to other countries/companies who will then find a way to resell it at a premium to Europe.