Tuesday, March 21, 2023

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Putin Bans Oil Sales

With the decree signed by Putin, it was decided to counter-sanction that Western countries would impose a ceiling price of 60 dollars per barrel on Russian oil. According to the decree banning the sale of oil and petroleum products to individuals and companies participating in the ceiling price application, shipment will not be made if Russian oil buyers use a ceiling price or an alternative ceiling price mechanism in the contract.

In the decree, which stated that the ban on oil shipments will come into effect as of February 1, 2023, it was emphasized that oil shipments to those who apply ceiling prices can only be made with the special permission of Putin. According to the decree, the ban on the shipment of petroleum products will enter into force on a date to be determined by the Russian government.

On December 2, European Union countries agreed on a ceiling price of $60 per barrel for oil transported by sea from Russia. Russian Deputy Prime Minister Aleksandr Novak, in a statement on 23 December, said that they would not sell oil and petroleum products to those participating in the ceiling price application, and that they could reduce their oil production by 5 to 7 percent if necessary.

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