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Tuesday, January 31, 2023
HomeWorldPutin bans oil exports to countries that have imposed price caps on...

Putin bans oil exports to countries that have imposed price caps on Russian products

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A decree signed on Tuesday by President Vladimir Putin confirmed the retaliation that had been promised by Moscow to a price cap set on Russian oil earlier this month by critics of the Ukraine war.

According to the text, the supply of the product and its derivatives will be banned for at least five months to countries that adhered to the agreement, which determined the maximum value of US$ 60 per barrel. The export ban will be valid from February 1st of next year.

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On the 5th, the G7 countries, plus the European Union and Australia decided to impose the ceiling as yet another form of sanction for Russia’s actions in the neighboring country, in the war that has been going on for almost 11 months.

The measure was more symbolic, because the barrel had been sold at prices lower than the stipulated limit. Even so, Moscow representatives had already anticipated that Russia, the second largest oil exporter in the world, would not export subject to the price cap – even if that meant cuts in production.

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The decree released on Tuesday, however, includes a clause that allows Putin to overturn or revise the ban in special cases, not yet specified.

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