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The presidential decree signed at the end of December 2022 prohibits the supply of oil and petroleum products from Russia to foreign legal and physical entities if contracts directly or indirectly provide for the use of a mechanism for fixing a maximum price at all stages of delivery up to the final purchaser.

PUBLISHAEd AT

05 / 04 / 2023

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“Starting from February 1, 2023, Russia’s ban on exports of Russian oil with a price cap has come into force. Exporters are obliged not to allow provisions for the application of the price cap mechanism in foreign contracts. The ban on oil exports will be in effect until July 1, and the Russian government should determine the date for similar measures on petroleum products. The president may exclude certain deliveries from the scope of the decree by special decision.

Meanwhile, the Russian Ministry of Energy must agree with the Ministry of Finance and approve the procedure for monitoring prices for Russian oil exported. According to the government’s resolution of January 28, Russian oil-exporting companies must ensure the absence of price restrictions throughout the supply chain and report any findings of price cap mechanisms in contracts to customs authorities and the Ministry of Energy. If exporters fail to eliminate the violation within 30 days, customs authorities will prohibit exports.

On December 5, 2022, an embargo on the supply of Russian oil by sea to the European Union came into effect. EU countries also agreed on a regulated price cap for Russian oil supplied by sea at $60 per barrel. G7 countries and Australia have also announced similar decisions.

Source: TASS”

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