Putin bans oil sales to those who impose ceilings on Russian oil

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With the decree signed by Russian President Vladimir Putin, the sale of oil and petroleum products to those who participate in the ceiling price application for Russian oil is prohibited.

With the decree signed by Putin, a decision was taken against Western countries to impose a ceiling price of 60 dollars per barrel on Russian oil. According to the decree banning the sale of oil and petroleum products to individuals and companies participating in the ceiling price application, shipment will not be made if Russian oil buyers use a ceiling price or an alternative ceiling price mechanism in the contract. In the decree, which stated that the ban on oil shipments will come into effect as of February 1, 2023, it was emphasized that oil shipments to those who apply ceiling prices can only be made with the special permission of Putin.putin bans oil sales to those who impose ceilings on russian oilAccording to the decree, the ban on the shipment of petroleum products will enter into force on a date to be determined by the Russian government. On December 2, European Union countries agreed on a ceiling price of $60 per barrel for oil transported by sea from Russia. Russian Deputy Prime Minister Aleksandr Novak, in a statement on 23 December, said that they would not sell oil and petroleum products to those participating in the ceiling price application, and that they could reduce their oil production by 5 to 7 percent if necessary.



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