Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Rubio: 'Very short window', maybe days, for Hamas to accept deal
Al Mayadeen correspondent to southern Lebanon: Israeli warplanes launched a raid on the Ksar Zaatar neighborhood in western Nabatieh.
Al Mayadeen's correspondent in Gaza: The tower destroyed by the Israeli occupation in Gaza includes media offices, including Al Mayadeen's bureau.
Al Mayadeen's correspondent in Gaza: Four fetuses and three premature babies died at Nasser Medical Complex due to malnutrition
Lebanese Ministry of Health: One person was killed in an Israeli airstrike on a car in the town of Burj Qalawieh, south Lebanon.
Al Mayadeen correspondent: The first ship of the Maghreb fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City

Putin issues decree: no oil for contracts even implying price cap

  • By Al Mayadeen English
  • Source: Agencies
  • 27 Dec 2022 21:01
  • 1 Shares
3 Min Read

The Russian president bans the sale of Urals oil to countries that are adopting the price cap.

  • x
  • dsad
    Russian President Vladimir Putin looks during a meeting of the Russia - Land of Opportunity platform supervisory board at the Catherine's Hall of the Kremlin in Moscow on 20 April 2022 (Sputnik)

Russian President Vladimir Putin signed a decree to prohibit the sale of Russian oil and its derivates to countries that imposed the price cap.

The decree targets contracts that include a direct or indirect price cap clause.

"The supply of Russian oil and petroleum products to foreign legal entities and individuals is prohibited, provided that the contracts for these supplies directly or indirectly contain use of a mechanism for capping the marginal price. The ban is applied at all supply stages to the final buyer," the decree stated.

Read more: Price cap troubled as Russia heads to becoming India’s No. 1 supplier

However, the document added, "Supplies of Russian oil and petroleum products, which is prohibited in accordance with this decree, may be carried out based on a special decision of the Russian president."

The ban decision will go into force starting February 1 of 2023 and valid till June 1, which is (end-date) susceptable to change by the Cabinet.

The European Union set a limit on the price of Russian crude oil at $60 per barrel on December 5. Every two months, the cap will be examined to ensure that it is still 5% below the baseline set by the International Energy Agency.

Related News

Ukraine moves to ban Orthodox Church over alleged Moscow ties

Kiev accused of using Russian woman in suicide bomb plot: FSB

Additionally, the G7 countries and Australia have set a $60 per barrel ceiling on Russian oil exports.

Countries and companies that decide not to apply the price cap can still purchase it but cannot do so through Western companies that provide insurance or transport services. 

Since the start of the war in Ukraine, Western nations have been seeking methods to reduce Russia's revenue from oil and gas exports. The G7 finance ministers asked all countries to endorse the idea in September by confirming their determination to set a price ceiling on Russian oil.

Read more: EU countries agree gas price cap, Russia responds

Russia has pledged to stop supplying oil and gas to countries that impose price ceilings. Russia's Permanent Representative to International Organizations in Vienna, Mikhail Ulyanov, declared earlier in December that the European Union will have to live without Russian oil starting this year as a repercussion of the price cap imposed on the country's oil.

In response to the West's decision to enact the price ceiling, Russian Deputy Prime Minister Alexander Novak stated that Moscow would not accept it. Only consumers who follow the rules of the market will be accepted by Russia, Novak continued.

Russian President Vladimir Putin said earlier in September that Russia will stop supplying oil and gas to countries that impose price ceilings.

We will not supply anything at all if it is contrary to our interests, in this case economic (interests)," he said. "No gas, no oil, no coal, no fuel oil, nothing." 

  • Moscow
  • Russian oil
  • Russia
  • EU
  • Price cap
  • Vladimir Putin
  • European Union

Most Read

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

American far-right activist Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
President Nicolas Maduro gestures to supporters during the inauguration of a monument in China's honor on the 80th anniversary of the end of World War II, in Caracas, Venezuela, Wednesday, September 3, 2025 (AP)
Politics

Maduro warns of threats, urges 'battle for truth' to defend Venezuela

Damage is seen after an Israeli strike targeted a compound that hosted Hamas' political leadership in Doha, Qatar, Wednesday, Sept. 10, 2025. (AP Photo/Jon Gambrell)
Politics

Netanyahu informed Trump before deadly attack in Doha: Reports

Israeli Prime Minister Benjamin Netanyahu and US Secretary of State Marco Rubio hold a joint press conference at the Prime Minister's Office, during Rubio's visit, in occupied al-Quds, occupied Palestine, Monday, September 15, 2025 (AP)
Politics

Netanyahu warns of Israeli isolation, calls to boost self-reliance

Spain axes €700Mln arms deals with 'Israel' over Gaza genocide
Politics

Spain axes €700 mln arms deals with 'Israel' over Gaza genocide

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS