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Russia to Publish Decree on Price Cap Rules Soon

OIL

The Russian government will publish a decree detailing the ban on the supply of crude oil and oil products to nations that abide by the cap according to Kommersant.

  • Last month Vladimir Putin signed a decree that banned the supply of crude oil and oil products for five months to nations that abide the cap from 1 Feb.
  • The decree will forbid the reference to the oil price ceiling in export contracts of oil companies.
  • Exporters will be obliged to send contracts for inspection to the Federal Customs Service. In case of violations the shipments could be blocked.
  • Companies will have to ensure counterparties don’t use the ceiling on resale.
  • The draft decree was prepared by the Energy Ministry for agreement by the government in the near future.
Energy BulletsCommodities
Energy BulletsCommodities

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