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Putin to Allow Crude Sales at Any Price to "Friendly Countries"

OIL

Russian President Putin has amended a decree to allow sales of crude oil to "friendly countries" at any price regardless of the price cap according to Energy Intelligence on Friday.

  • At the end of December Putin issued a decree to prohibited Russian producers from exporting crude oil and refined products on terms that complied directly or indirectly with the G7 price cap.
  • The cap for crude oil has remained at 60$/bbl since its introduction at the start of December. It is intended to reduce Moscow's income from oil sales, while allowing Russian oil to keep flowing into the global oil market.

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