RF President signed Executive Order on special measures in response to price cap established on Russian oil
The order effective from February1, 2023 bans thesale ofoil to buyers supporting the price limit mechanism
Russian President Vladimir Putin has signed anExecutive Order onspecial economic measures inthefuel-and-energy sector inresponse totheprice cap established onRussian oil andoil products bysome foreign states, according to the official website of the Kremlin.
TheExecutive Order has established that Russia bans thesale ofoil andoil products toforeign companies andindividuals if thecontracts onthese sales include theuse ofthis mechanism directly orindirectly. Theestablished ban applies toall stages ofsales up toandincluding thefinal buyer.
Russian oil andoil product sales, that are banned bytheExecutive Order, may be carried out under aspecial decision ofthePresident oftheRussian Federation.
Theban onsales ofRussian oil products, asestablished bythecurrent Executive Order, is tobe applied onthedate determined bytheGovernment oftheRussian Federation but no earlier than thedate ofits entry into force.
This Executive Order enters into force onFebruary1, 2023 andwill be valid until July1, 2023.
On 2 December 2022, G7 countries and Australia imposed a price cap for Russian crude oil from 5 December 2022. The ban covers maritime transportation services for crude above the $60per barrel.
The order effective from February1, 2023 bans thesale ofoil to buyers supporting the price limit mechanism
Russian President Vladimir Putin has signed anExecutive Order onspecial economic measures inthefuel-and-energy sector inresponse totheprice cap established onRussian oil andoil products bysome foreign states, according to the official website of the Kremlin.
TheExecutive Order has established that Russia bans thesale ofoil andoil products toforeign companies andindividuals if thecontracts onthese sales include theuse ofthis mechanism directly orindirectly. Theestablished ban applies toall stages ofsales up toandincluding thefinal buyer.
Russian oil andoil product sales, that are banned bytheExecutive Order, may be carried out under aspecial decision ofthePresident oftheRussian Federation.
Theban onsales ofRussian oil products, asestablished bythecurrent Executive Order, is tobe applied onthedate determined bytheGovernment oftheRussian Federation but no earlier than thedate ofits entry into force.
This Executive Order enters into force onFebruary1, 2023 andwill be valid until July1, 2023.
On 2 December 2022, G7 countries and Australia imposed a price cap for Russian crude oil from 5 December 2022. The ban covers maritime transportation services for crude above the $60per barrel.
