MOSCOW: Russian President Vladimir Putin signed a decree exempting the current contracts with so-called “friendly” countries and companies from his ban on Russian oil sales imposed in response to price caps, according to the government’s website.
Putin in December signed a decree that banned the supply of crude oil and oil products from Feb. 1 to nations that abide by the cap.
The Group of Seven major powers, the European Union and Australia agreed to impose a $60-per-barrel price cap on Russian seaborne crude oil from last Dec. 5 in response to Moscow’s “special military operation” in Ukraine.
Putin on Friday signed amendments to his December decree to exempt current supply contracts with companies and nations who Russia does not consider “unfriendly”.
Russian oil production and exports have held up despite sanctions as the country has rerouted its oil exports to China and India from its traditional supply markets in Europe.
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According to the government website, Russian President Vladimir Putin signed an order exempting the present contracts with ostensibly friendly nations and businesses from his prohibition on selling Russian oil, which was enacted in reaction to price limitations.
Putin issued an order in December that forbade the delivery of crude oil and oil products to countries that adhere to the restriction beginning on February 1. In reaction to Moscow’s special military operation in Ukraine, the Group of Seven major nations, the European Union, and Australia decided to put a $60 per barrel price restriction on Russian seaborne crude oil beginning last December 5.