President Vladimir Putin signed a decree banning the availability of oil and oil merchandise in response to the EU worth cap from Feb. 1 for 5 months.
The Group of Seven main powers, the European Union and Australia agreed this month to a $60-per-barrel worth cap on Russian seaborne crude oil efficient from Dec. 5 over Moscow’s “special military operation” in Ukraine.
The Kremlin’s decree acknowledged: “This…comes into force on Feb. 1, 2023, and applies until July 1, 2023.”
Crude oil exports will probably be banned from Feb. 1, however the date for the oil merchandise ban will probably be decided by the Russian authorities and may very well be after Feb. 1.
The decree features a clause that enables Putin to overrule the ban in particular circumstances.
