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
Palestinian media: Israeli occupation forces storm the Old City in the center of Nablus, occupied West Bank
Local sources to Al Mayadeen: Sudanese army forces drones strike town of Kabkabiya, North Darfur.
Syrian Observatory: The plane is loaded with air defense systems and heavy weapons as part of US troop reinforcements to its bases in northeastern Syria
Syrian Observatory: US cargo plane lands with two military helicopters at Kharab al-Jir base in the countryside of Rmeilan, north of Hasakah
Miguel Díaz-Canel to Gustavo Petro: US seeks to reimpose the Monroe Doctrine in its relations with sovereign states in Latin America and the Caribbean.
The Abu Ali Mustapha Brigades, the military wing of the PFLP, says they handed over the body of an Israeli captive to the Israeli occupation forces in implementation of the clauses of the ceasefire agreement.
Al Mayadeen correspondent: Israeli drones are flying over the presidential palace in Baabda, Mount Lebanon, and over the skies of the capital, Beirut, and its suburbs.
Al Mayadeen's correspondent in South Lebanon: Israeli warplanes launch a series of raids on the al-Mahmoudiya and Jarmaq areas
Trump reiterates proposal for Russia and Ukraine to stop at current front line, negotiate later
Reuters: Trump says no discussion regarding Ukraine ceding Donbas to Russia

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

Russia refutes US media claims of Lavrov-Rubio meeting delay

Russian banks begin accepting Iranian LCs to boost bilateral trade

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

Yemeni Armed Forces Chief of Staff Major General Mohammad Abd al-Karim al-Ghamari , during a ceremony in an undisclosed locations in Yemen, undate (Yemeni Military Media)

Yemeni Armed Forces mourn martyred Chief of Staff al-Ghamari

  • Politics
  • 16 Oct 2025
Israeli occupation violates Gaza ceasefire, killing seven Palestinians.

Israeli occupation violates Gaza ceasefire, kills seven Palestinians

  • Politics
  • 14 Oct 2025
Zionists Fundamentally Misread Iran Due To Their Own Echo Chambers

Zionists fundamentally misread Iran due to their own echo chambers

  • Analysis
  • 15 Oct 2025
How an Israeli-backed firm spied on US churches to push propaganda

How an Israeli-backed firm spied on US churches to push propaganda

  • Politics
  • 15 Oct 2025

Coverage

All
War on Gaza

Read Next

All
UK blocks release of documents on secretive Lammy-Sa’ar meeting.
Politics

UK blocks release of documents on secret Lammy-Sa’ar meeting

Colombia slams Trump’s drug accusation, defends sovereignty
Politics

Colombia slams Trump’s incendiary drug claims, defends sovereignty

The abuse was detailed in Giuffre's memoir "Nobody's Girl: A Memoir of Surviving Abuse and Fighting for Justice." (AP)
Politics

Epstein victim recounts choking, sexual assault by 'well-known PM'

The US Secret Service discovered a hunting stand near the airport President Donald Trump uses in Florida. (US Secret Service)
Politics

FBI probes hunting stand with sightline to Trump’s Air Force One exit

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