Putin issued command banning the sale of Russian oil to Western countries.
In retaliation, the President of Russia issued a decree banning the sale of Russian oil to Western countries.
According to Mehr news agency, citing Rashatoudi, Russian President Vladimir Putin issued an executive order in retaliation against the setting of a price ceiling for Russian oil by the United States and European countries.
According to the decree of the head of the Russian government, the supply and sale of Russian oil and oil products to the countries that participated in setting the price ceiling for Russian oil is prohibited.
Putin’s decree will take effect on the first of July 2023.
In mid-December, the European Commission announced in a statement that the Group of 7 countries, EU member states and Australia agreed to limit the price of Russian offshore oil to $60 per barrel from December 5. The Group of Seven countries include England, Canada, France, Germany, Italy, Japan, and the United States.
According to the European Commission, “this price ceiling does not apply to oil purchased above the price ceiling before December 5, which is loaded on ships and discharged before January 19, 2023.”
Determining the price ceiling for the sale of Russian oil in the world markets is the latest move by Ukraine’s allies to reduce Russia’s foreign exchange earnings.
Earlier on October 21 (October 29), Russian President Vladimir Putin said that Moscow will not pay the price of economic prosperity and energy exports of other countries to countries that have set a price ceiling for Russian oil. . The President of Russia called the implementation of the price ceiling a “trick” and “gross extortion”.
