Russian President Has Signed A Decree Easing Restrictions on Oil Supplies to Friendly Countries

Russian President Vladimir Putin recently signed a decree allowing the supply of oil and oil products in accordance with agreements reached with friendly countries before February 1, without being restricted by the Russian presidential decree that responded to the Western price limit on Russian oil at the end of last year. On April 28, the Russian legal information website published the corresponding documents of the decree. The decree came into effect after it was announced on the 28th. It revised the presidential decree signed by Putin at the end of last year on responding to the West's price limit on Russian oil. In early December last year, EU member states reached an agreement on setting a price ceiling of US$60 per barrel for seaborne oil exports to Russia, and the G7 and Australia announced the implementation of the same price limit policy as the EU. Putin signed a presidential decree that month, calling for a ban on the supply of Russian oil and oil products to foreign legal entities and individuals who directly or indirectly use the price cap mechanism in contracts. This presidential decree will take effect on February 1, 2023 and will be valid until July 1.