In case of direct or indirect mention of the price ceiling mechanism in Russian exporters' contracts with foreign customers, the supply of Russian fuel under such a contract would be illegal.
Russian customs authorities and the Energy Ministry will be informed to review the contract to eliminate the infringement within 30 days.
The measure came into force on Wednesday, February 1, and will remain in place until July 1. At this time, Russia intends to proceed similarly in connection with a price cap on its petroleum products, due to come into effect on February 5.
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A price monitoring procedure for the country's oil exports will be ready next month. The Russian Ministries of Energy and Finance are working on that purpose.
Last December 5, the European Union (EU), together with the G7 countries and Australia, capped Russian seaborne oil exports at 60 dollars per barrel.
Russia has rejected such mechanisms, pointing out that they are not market-oriented and are unacceptable. In the face of limited global supply, Moscow has warned that such a measure would lead to higher inflation.