By PortalPortuario Editorial Staff/Reuters Agency
@PortalPortuario
He President of Russia Vladimir Putinordered to prohibit Russian oil exporters and customs agencies from adhering to the price limits imposed by the West on a barrel of Russian crude oil.
The above as a measure of retaliation against the maximum value of Russian fuel that was set by Western countries, as stipulated in a decree published on the Russian Government website.
The measure was issued to help enforce Putin’s Dec. 27, 2022, decree banning the supply of crude oil to nations that comply with the limits.
The price cap is intended to paralyze Moscow’s military efforts in Ukraine, without disrupting markets by blocking Russian supplies.
It is worth remembering that oil traders who want to retain access to Western financing for vital aspects of global shipping, such as insurance, must promise to pay no more than $60 per barrel of Russian oil moved by sea.
