Russia to ban oil exports to international locations utilizing value cap from February: Report | World News

Russia issued a decree Tuesday to ban oil gross sales to international locations and firms that adjust to a value cap agreed by Western nations in response to Moscow's offensive in Ukraine.

"The availability of Russian oil and oil merchandise to international authorized entities and people is prohibited if the contracts for these provides straight or not directly" are utilizing a value cap, the presidential decree mentioned.

The decree can be in impact from February 1 till July 1.

It added that the ban could also be lifted in particular person circumstances on the idea of "particular determination" from Russian President Vladimir Putin.

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The worth ceiling of $60 per barrel agreed by the European Union, G7 and Australia got here into drive in early December and seeks to limit Russia's income whereas ensuring Moscow retains supplying the worldwide market.

Launched alongside an EU embargo on seaborne deliveries of Russian crude oil, the cap goals to make sure Russia can not bypass the embargo by promoting its oil to 3rd international locations at excessive costs.

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Russia has mentioned the cap won't have an effect on its navy marketing campaign in Ukraine and expressed confidence it might discover new patrons.