China News Agency, Moscow, December 27 (Reporter Tian Bing) Russian President Vladimir Putin signed a presidential decree on the 27th, taking countermeasures against the West's price ceiling for Russian oil.
According to the Kremlin website, Putin signed on the same day the "Order for certain countries to impose ceiling prices on Russian oil and petroleum products and to take special economic measures in the field of oil and energy", pointing out that in view of the unfriendly and violation of international law by the United States and other Western countries, In order to safeguard Russia's national interests and take corresponding measures in accordance with relevant Russian laws.
The order stated that the United States and other Western countries have implemented price-limiting measures on Russian oil. If the price of Russian sea-borne oil and oil products exceeds the upper limit level, the relevant countries will prohibit Russia's sea-borne oil and oil products from transporting and providing related services.
In view of this, if the price-limiting mechanism is directly or indirectly introduced in the relevant supply and marketing contracts, the Russian side will prohibit the supply of Russian oil and oil products to relevant foreign legal persons and natural persons, and the ban applies to all stages of oil supply to the outside world.
From the effective date of this order, the supply of Russian oil to relevant countries is prohibited; the time for prohibiting the supply of Russian oil products is determined by the Russian government, but it should not be earlier than the effective date of this order.
At the same time, the Russian President reserves the right to make special decisions on the supply of oil and oil products.
Putin also instructed the government to formulate relevant implementation rules, and the Ministry of Energy will implement them according to government decisions.
The order is effective February 1, 2023 and will be in effect until July 1, 2023.
In early December, EU member states reached an agreement on setting a price ceiling of US$60 per barrel for Russian seaborne oil exports.
The Group of Seven and Australia also announced the implementation of the same price cap policy as the European Union.
The price limit policy came into effect on December 5.
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