Moscow will follow through with its threat to ban oil exports to countries that agree to impose a price cap on Russian oil. President Vladimir Putin announced his government’s long-awaited response to a Western-backed price cap on his nation’s crude exports on Dec. 27.
The Russian leader signed an order banning the supply of oil and oil-related products for five months to countries that impose the cap and will be in effect from Feb. 1 to July 1, 2023.
“The supply of Russian oil and oil products to foreign legal entities and individuals is prohibited, provided that the contracts for these supplies directly or indirectly provide for the use of a price-fixing mechanism. The established ban applies at all stages of supplies to the final buyer,” according to the presidential decree on TASS, the Russian state news agency….