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Russia to explain use of decree on response to oil price cap soon

On December 27, Russian President Vladimir Putin signed a decree imposing retaliatory measures in response to the West's imposition of a price cap on Russian oil, prohibiting supply to buyers who have joined the restrictions since February

© Yegor Aleyev/TASS

MOSCOW, January 10. /TASS/. Russia will soon publish information on the application of the presidential decree on the response to the price cap for Russian oil, the country's Energy Ministry said on Tuesday.

"Detailed information about its application will be published soon, as well as the specifics regarding the procedure for monitoring prices and discounts," the statement said.

At the same time, the Ministry of Energy may adopt additional measures to restrict possible discounts on Russian oil to the limits based on market prices and will monitor oil prices and discounts. "The monitoring results will be used to prepare, if necessary, additional measures aimed at limiting the possible discount to the limits based on market prices," the ministry said.

"We stress that the current illegal meddling of Western countries in market mechanisms threatens the world's safe and stable energy supply, and that correcting the situation will necessitate considerable cooperative efforts on the part of responsible countries," the Ministry of Energy added.

On December 27, Russian President Vladimir Putin signed a decree imposing retaliatory measures in response to the West's imposition of a price cap on Russian oil, prohibiting supply to buyers who have joined the restrictions since February. At the same time, the president reserved the right to make extraordinary decisions on the supply of oil and petroleum products, the implementation of which is banned by this decree. Russia’s Ministry of Energy has been tasked with overseeing the ban's implementation. The agreement takes effect on February 1, 2023, and will be active until July 1, 2023.

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