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Russian government approves procedure for banning oil exports under price cap

By March 1, the Ministry of Energy and the Ministry of Finance of the Russian Federation must approve the procedure for monitoring prices for Russian oil supplied for export

House of the Russian Government Maxim Churusov/TASS

House of the Russian Government

© Maxim Churusov/TASS

MOSCOW, January 30. /TASS/. The Russian government approved the procedure for the implementation of the presidential decree on the ban on oil supplies under price cap contracts. The corresponding decree, published on Monday, was signed by Russian Prime Minister Mikhail Mishustin on January 28.

By March 1, the Ministry of Energy and the Ministry of Finance of the Russian Federation must approve the procedure for monitoring prices for Russian oil supplied for export.

At the same time, Russian exporting companies, at the request of the Ministry of Energy, provide monthly information on contracts and prices, as well as data on monitoring the non-use of the price fixing mechanism to the end buyer.

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