Putin signed an order to take countermeasures against the West's price limit on Russian oil

Russian President Vladimir Putin signed a presidential decree on December 27 to counter the price cap imposed by the West on Russian oil
.

According to the Kremlin website, Putin signed on the same day "Order on the Implementation of Special Economic Measures in the Field of Oil and Energy in the Field of Oil and Energy in Response to the Maximum Price of Certain Countries on Russian Oil and Petroleum Products" pointed out that in view of the unfriendly and illegal behavior of the United States and other Western countries, in order to safeguard the interests of Russia and take corresponding measures in accordance with relevant Russian laws
.

The order said that the United States and other Western countries imposed price restrictions on Russian oil, and if the price of Russian maritime oil and petroleum products is higher than its upper limit, relevant countries will prohibit the transportation of Russian maritime oil and petroleum products and the provision of related services
.
In view of this, if the price limit mechanism is introduced directly or indirectly in the relevant supply and marketing contract, the Russian side will prohibit the supply of Russian oil and petroleum products to relevant foreign legal and natural persons, and the ban will apply to all stages of the external supply of
oil.

From the date of entry into force of the order, the supply of Russian oil to the relevant countries is prohibited; The timing of the ban on the supply of Russian oil products is determined by the Russian government, but not earlier than the date
of entry into force of the order.
At the same time, the President of the Russian Federation reserves the right
to make special decisions on the supply of oil and petroleum products.

At the same time, Putin instructed the government to formulate relevant implementation rules, and the Ministry of Energy implemented them according to the
government's decision.

The order is effective from February 1, 2023 and is valid until July 1
, 2023.

In early December, EU member states reached an agreement to
set a price cap of $60 per barrel for Russian seaborne oil exports.
The G7 and Australia have also announced similar price limits with the European Union
.
The price limit policy went into effect
on December 5.