//Russia issues decree to ban oil sales to nations adhering price cap

Russia issues decree to ban oil sales to nations adhering price cap

The decree also said that the ban may be lifted in individual cases on the basis of “special decision” from Russian President Vladimir Putin, as per reports

In retaliation against the price cap of $60 per barrel agreed by the European Union,  and  against Russian crude, the world’s largest country on Tuesday issued a decree to ban oil sales to countries and companies that adhere to the price cap, media reports said.

“The supply of Russian oil and oil products to foreign legal entities and individuals is prohibited if the contracts for these supplies directly or indirectly are using a price cap,” reports quoting the presidential decree said.

The price cap against Russian crude came into effect earlier this month. It was imposed in response to Russia’s attack on Ukraine in February 2022.

The decree also said that the ban may be lifted in individual cases on the basis of “special decision” from Russian President Vladimir Putin, as per reports.

The decree will be effective from February 1, 2023 until July 1, 2023.