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Putin has banned oil exports to countries that have imposed price restrictions on Russian products

A decree signed by President Vladimir Putin this Tuesday (27) confirmed the response Moscow had promised to the oil price cap.

Sao Paulo-SP

A decree signed by President Vladimir Putin on Tuesday confirmed Moscow’s promised retaliation against critics of the Ukraine war earlier this month over a price cap on Russian oil.
According to the text, the supply of the product and its derivatives will be banned for at least five months to countries that have adhered to the agreement, which set a maximum price of 60 USD per barrel. The export ban will be effective from February 1 next year.

On the 5th, the G7 nations, plus the European Union and Australia, decided to establish the border as another form of sanction for Russia’s actions in the neighboring country in the nearly 11-month war.

The event was more symbolic because the barrel was sold at prices below the set limit. Despite this, representatives in Moscow already expected that Russia, the world’s second-largest oil exporter, would not export under the price cap, even if it meant cutting production.

The decree issued on Tuesday, however, includes a clause allowing Putin to revoke or revise the ban in special cases, which have not yet been specified.


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