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Putin says he will sign decree on response to oil price cap on Monday-Tuesday

The President added that the introduction of the cap will not harm Russia’s budget and companies, since Russia sells oil at about similar prices

MOSCOW, December 22. /TASS/. Russian President Vladimir Putin intends to sign a decree on retaliatory preventive measures to the introduction of a cap on prices for Russian oil on Monday-Tuesday

"I think I will sign the decree somewhere on Monday or Tuesday. These are precautionary measures," he told reporters on Thursday.

The President added that the introduction of the cap will not harm Russia’s budget and companies, since Russia sells oil at about similar prices.

On December 5, an embargo on maritime oil supplies from Russia to the European Union came into force. The EU, the Group of Seven (the UK, Germany, Italy, Canada, USA, France, Japan), as well as Australia, agreed on a price cap for Russian oil supplied by sea at $60 per barrel. The US, EU and UK are banning their companies from providing transport, financial and insurance services to tankers carrying oil from Russia at a price above the agreed level.

Russia is preparing a decree in response to these measures. Earlier, Deputy Prime Minister Alexander Novak said that Russia plans to create and launch a mechanism by the end of 2022 that will prohibit Russian companies from trading oil with countries, which are "within the price cap."

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