Putin bans supplies of oil, oil products at capped price

MOSCOW, Dec 27 (PRIME) -- President Vladimir Putin has signed a decree prohibiting the supply of Russian oil and oil products if the contract directly or indirectly provides for a price cap imposed by Western states, according to a document released on the portal of legal information on Tuesday.

“The prohibition is applied at all stages of the supply up to the final buyer,” the document read.

The decree includes an option saying that such supplies will be possible under a special permit from the president.

The ban on oil supplies comes into effect from February 1, 2023, the date for oil products will be determined by the government.

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