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Russia Prohibits References to Price Cap in Contracts

OIL

Russia is attempting to amount a response to the G7 oil cap. Kommersant reported this week that the government is preparing a regulation that would prohibit references to the G7 price cap in sales contracts.

  • Kommersant reported that the new regulation will require Russian oil companies to ensure that their contracts do not include any provisions related to the price cap.
  • Foreign buyers will also have to fulfill this condition if the oil is subsequently resold.
  • The Federal Customs Service (FTS) will review all contracts allowing any shipments breaking the rules to be blocked.
  • Questions remain over how viable it is to enforce actions over any resold oil.
  • Putin signed a decree on Dec. 27 prohibiting exports of Russian crude oil and petroleum products that comply directly or indirectly with the G7 price cap. It is due to be implemented Feb 1.
Energy BulletsCommodities
Energy BulletsCommodities

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