Putin will stop selling Russian oil to countries that have a high price

Russian President Vladimir Putin announced Tuesday that Russia would ban oil exports from any country to which it adheres to the price cap agreed by a group west-oriented nations. Reuters reports.

The long-awaited reply from the Kremlin It states that the ban will start on February 1, 2023. It will continue for five months until July 1.

The Group of Seven (G7) nations, alongside Australia and the European Union, agreed last month to a price cap of $60 per barrel of Russian seaborne crude oil as a means of reducing Russia’s income Oil sales are a response to the ongoing and widely-opposed Krieg with Ukraine

Since December 5, when the price cap went into effect, governments have been waiting for an answer from the Kremlin.

“This Executive Order was signed in response to the unfriendly actions taken by the United States, other foreign states and international organisations that sided with them,” This notice was taken from the government website.

Directly refer to “price limit mechanism” The Kremlin claims that the Kremlin was established by foreign countries. “Russia bans the sale of oil and oil products to foreign companies and individuals if the contracts on these sales include the use of this mechanism directly or indirectly.”

“The established ban applies to all stages of sales up to and including the final buyer.”

“The ban on sales of Russian oil products, as established by the current Executive Order, is to be applied on the date determined by the Government of the Russian Federation but no earlier than the date of its entry into force,” The notice states.

Putin said that the ban could be overturned if necessary, but added that “Russian oil and oil product sales, that are banned by the Executive Order, may be carried out under a special decision of the President of the Russian Federation.”

The West has taken an unprecedented step to limit oil prices. It is intended to disrupt Russia’s economy and inhibit Putin’s ability to do so. “special military operation” Ukraine

While it remains unclear how much of an immediate effect this will have on the nation’s economy, Russian Finance Minister Anton Siluanov admited

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