Russia Will Not Export Oil to Countries Imposing Cap on Prices

On Tuesday, President Vladimir Putin signed a decree banning the export of oil to those countries that apply a cap on Russian crude prices.

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This measure, which will apply from February 1 to July 1, 2023, is a response to the cap of US$60 per barrel imposed by Australia, the European Union (EU), and the Group of Seven (G7), which includes Canada, France, Germany, Italy, Japan, the UK, and the U.S.

The date for the start of the ban on petroleum products will be announced shortly by the Russian Government. In no case, however, the prohibition for this type of commodity will begin before February.

Russia will not comply with oil supplies to natural or legal persons in those cases in which the contracts directly or indirectly include mechanisms for fixing price limits.

"The ban will apply during all phases of supply to the final buyer," Putin's decree stresses, mentioning that the measures are taken "due to unfriendly actions and those that contradict international law" taken by the U.S. and others.

Besides stressing that its objective is to safeguard national interests, the decree specifies that the Russian president will be able to introduce exceptions through a "special decision."

"They are used to stealing. But the world has changed and they will hardly be able to do it," Putin said, referring to the United States and its allies last week when he commented on the price cap, calling it "a colonial atavism."