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Putin bans oil supplies at capped prices from February 2023

© Mikhail Metzel/POOL/TASS

Russian President Vladimir Putin bans supplies of Russian oil and petroleum products from next February to legal entities and individuals that use the price ceiling mechanism in contracts for such supplies, TASS reports. 

"Supplies of Russian oil and petroleum products to foreign legal entities and individuals are prohibited on condition that contracts for such supplies expressly or indirectly stipulate use of the ceiling price fixing mechanism. The established plan is applied at all stages of supplies until the end buyer," the document stipulates.

The ban on oil supplies will be effective from February 1, 2023, according to the decree introducing tit-for-tat measures against the price ceiling. The Russian government will fix the date for the ban on supplies of petroleum products.


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