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Free AccessRussia to Publish Decree on Price Cap Rules Soon
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.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.