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Russia stopped supplying oil to countries adhering to price caps

On February 1, Russia imposed a ban on oil supplies to the countries which set a price cap on Russian oil and petroleum products.

According to the presidential decree, Russian crude oil supplies are now prohibited to foreign nationals and companies, if the contracts directly or indirectly stipulate a price ceiling.

The oil supply ban will be in effect from February 1 to July 1, 2023. The petroleum products supply ban will be determined by the Government.

The European Union, G7 countries and Australia imposed a $60-per-barrel oil price cap earlier on December 5. Along with the measure, the European embargo on seaborne crude oil came into force.



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There is nothing with suddenly. That was announced months ago.

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