According to a decree published this Thursday on the official Internet portal for legal information, the extended document prohibits the supply of Russian oil if the contracts directly or indirectly provide for the use of the price cap imposed by Western countries.
Russia’s decree came into force on February 1, 2023 and was initially supposed to be valid until July 1, 2023. However, the measure was later extended several times. According to the latest presidential decree, the response measures were to be in force until June 30, 2024.
On December 5, 2022, the European Union (EU) embargo on Russian oil shipments by sea came into force.
The G7 countries, the EU and Australia imposed a maximum price on Russian oil supplied by sea of $60 per barrel for their vessels and subordinate territories.
Starting February 5, 2023, similar restrictions affected the supply of petroleum products from Russia. The limits were set at $100 and $45 per barrel depending on the category of petroleum products. To modify these sanctions, the agreement of all members of the G7 and the EU is required.
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