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On the 27th, Russian President Vladimir Putin signed a presidential decree, adopting special economic measures against the price ceiling imposed by the West on Russian oil and petroleum products. According to relevant documents published on the Kremlin website on the same day, in light of the hostile measures taken by the United States, the West and other countries and international organizations to set price limits on Russian oil and petroleum products, in order to safeguard national security interests, Russia will prohibit the direct or indirect use of oil in contracts The supply of Russian oil and petroleum products by foreign legal entities and natural persons by setting a maximum price mechanism. This presidential decree will take effect on February 1, 2023 and will be valid until July 1, 2023.
Putin signs presidential decree in response to Western oil price cap
On the 27th, Russian President Vladimir Putin signed a presidential decree, adopting special economic measures against the price ceiling imposed by the West on Russian oil and petroleum products. According to relevant documents published on the Kremlin website on the same day, in light of the hostile measures taken by the United States, the West and other countries and international organizations to set price limits on Russian oil and petroleum products, in order to safeguard national security interests, Russia will prohibit the direct or indirect use of oil in contracts The supply of Russian oil and petroleum products by foreign legal entities and natural persons by setting a maximum price mechanism. This presidential decree will take effect on February 1, 2023 and will be valid until July 1, 2023.
