China News Agency, Moscow, January 30 (Reporter Tian Bing) The Russian Legal Information Portal announced a government order on the 30th, prohibiting the supply of Russian oil and oil products to any buyer who imposes a price cap on Russian oil exports in the West.
Relevant documents published on the official portal of Russian legal information show that the order was signed by Russian Prime Minister Mishustin on January 28.
The government decree pointed out that in order to implement the presidential decree signed by Russian President Vladimir Putin on December 27 last year to take special economic measures against the West’s imposition of price caps on Russian oil and petroleum products, the Russian federal government specially approved the promulgation of relevant implementation procedures and rules.
The document requires that the Russian Ministry of Energy provide the Russian customs agency with a list of relevant documents and decisions of the United States, Western countries and international organizations that have imposed price caps on Russian oil and oil products, and conduct supervision in accordance with the relevant requirements of the government order.
For legal persons and natural persons who sign oil and oil product export contracts, if they are included in the relevant Russian prohibition list, they should ensure that the terms of the contract do not involve oil price ceilings, and ensure that there are no price ceiling measures for the products they resell to final customers.
The Russian Customs has the right to check relevant documents during the law enforcement process. If any violations are found, the Customs has the right to ban it and notify the Ministry of Energy.
The document also requires that the Russian Ministry of Energy, in conjunction with the Ministry of Finance, approve the procedures for the export price of Russian oil before March 1.
At the same time, exporters should provide the Russian Ministry of Energy with information about export contracts and prices, as well as non-public data information such as the final buyer's price determination mechanism.
On December 27 last year, Russian President Vladimir Putin signed a presidential decree to take countermeasures against the price ceiling imposed by the West on Russian oil, prohibiting the supply of Russian oil and petroleum products to foreign legal persons and natural persons who directly or indirectly use the price ceiling mechanism in contracts .
The Presidential Decree also instructs the government to formulate relevant implementation rules, and the Ministry of Energy will implement them according to the government's decision.
The presidential decree will come into effect on February 1, 2023 and will be valid until July 1, 2023.
In early December last year, 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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