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Russia Extends Ban on Sale of Oil to Price Cap Adherents

OIL

Russia’s President Valdimir Putin extended a special economic decree linked with preventing some foreign states from accessing Russian oil and products until December 31, according to Interfax.

  • The decree was first implemented in February 2023 and has been extended several times.
  • The measure bans the sale of Russian oil and products to foreign legal entities and individuals if their contracts contain provisions requiring adherence to the G7 price cap on Russian oil.
  • The G7 countries have implemented a price cap of $60/b on Urals crude as well as other grades. Cargoes must be sold below or otherwise will not legally be allowed to access western service providers, such as insurance.
  • The aim of the price cap is to keep oil supplies flowing globally while capping Russian revenues from its oil sales.
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