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Energy ministry says Russia will not work with traders observing oil price ceiling

It is reported that the information on appliance of the decree on response to the oil price cap, as well as the order of monitoring prices and discounts, will be released shortly

MOSCOW, January 10. /TASS/. Russia will not work with traders observing any oil price restrictions, the Energy Ministry said in a statement on Tuesday.

"The presidential decree published in December prohibits Russian companies from referring to illegal price restrictions imposed by Western countries in any form, directly or indirectly. This prohibition concerns any transactions with Russian oil including the end consumer, which particularly suggests the refusal to work with traders that do not abide by this decree," the statement reads.

The information on appliance of the decree on response to the oil price cap, as well as the order of monitoring prices and discounts, will be released shortly, the ministry added. It did not rule out additional measures on restricting discounts based on the monitoring results.

On December 27, Russian President Vladimir Putin signed a decree on retaliatory measures to the West's imposition of a price cap on Russian oil, banning supplies of Russian oil to buyers who join the West’s restrictions starting February. Meanwhile, in a separate clause, he reserved the right to make special decisions on the supply of oil and petroleum products in cases where they are banned by the decree. The Energy Ministry was instructed to monitor the implementation of the ban on a regular basis. The document comes into force on February 1, 2023 and is valid until July 1, 2023.

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