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The Russian government on Monday banned domestic oil exporters and customs bodies from adhering to Western-imposed price caps on Russian crude.
Russia bans oil exporters from adhering to Western price caps
MOSCOW, Jan 30 (Reuters) – The Russian government on
Monday banned domestic oil exporters and customs bodies from
adhering to Western-imposed price caps on Russian crude.
The measure was issued to help enforce President Vladimir
Putin’s decree of Dec. 27 that prohibited the supply of crude
oil and oil products from Feb. 1, for five months, to nations
that abide by the caps.
The G7 economies, the European Union and Australia agreed on
Dec. 5 to ban the use of Western-supplied maritime insurance,
finance and brokering for seaborne Russian oil priced above $60
per barrel as part of Western sanctions on Moscow over its
actions in Ukraine.
The new Russian act bans corporates and individuals from
including oil price cap mechanisms in their contracts.
