Russia bans, as of February, the sale of its oil to countries that have capped its price

Moscow - (AFP) - Starting February 1, 2023, Russia prohibits the sale of its oil to foreign countries that adopted a price ceiling set at sixty dollars a barrel in early December, by a decision of the European Union, the Group of Seven and Australia.

And according to a decree signed by Russian President Vladimir Putin on Tuesday, “the delivery of oil and Russian oil products to foreign legal entities and other individuals will be prohibited,” if they adopt a price ceiling.

This decree will be in effect from the first of February to the first of July.

The text indicated that the ban may be lifted in some individual cases based on a "special decision" by Russian President Vladimir Putin.

The approved ceiling for Russian oil prices of up to sixty dollars per barrel, which was agreed upon by the European Union, the Group of Seven countries and Australia, entered into force in early February. Its aim is to limit Russian revenue while ensuring that Moscow continues to supply the global market.

This measure, which was adopted in conjunction with the European Union's ban on exports of Russian crude oil transported by sea, aims to ensure that Moscow does not circumvent the measure by selling its oil to third parties at higher prices.

Russia, for its part, confirmed that the ceiling imposed on its oil would not affect its military campaign in Ukraine, expressing confidence that it would find new customers.