Tuesday, December 27, President Vladimir Putin signed a decree on the West’s retaliatory measures to price cap Russian oil exports. The EU, G7 countries, and Australia, set the cap at, $60 or barrel earlier in, December.
With this move being made by, Russia, we will more than likely feel the repercussions during our coldest months. Why anybody thought setting the price for, Russian oil, was a good idea or possible—clearly wasn’t thinking. We have obtained the official decree and have translated it below.
“PRESIDENT OF THE RUSSIAN FEDERATION On the application of special economic measures in the fuel and energy sector in connection with the establishment by some foreign states of a limit [set on] Prices for Russian oil and petroleum products.
COMMUNICATIONS
Unfriendly And Contrary to international law, actions of the United States of America and foreign states and international organizations that have joined them aimed at setting a price limit for Russian oil and petroleum products in order to protect the national interests of the Russian Federation and in accordance with federal laws of December 30, 2006. No. 281-F3 "On special Economic measures and coercive measures," of December 28, 2010. N° 390-F3 "O safety" and from June 4, 2018. No. 127-F3 "On measures Impact (counteraction) on unfriendly
actions of the United States of America and other foreign countries"
decide: 1. To establish that in connection with the introduction by the United States of America and foreign states that have joined them of a ban on the sea transportation of Russian oil and petroleum products, the provision of services related to such transportation, which is applied in the case of the sale of Russian oil and petroleum products at prices above the maximum price established by these foreign countries (the mechanism for fixing the limit price),
Petroleum products to foreign legal entities and individuals persons, provided that the contracts for these supplies directly or indirectly provide for the use of a price limit mechanism. The established prohibition applies at all stages [of] deliveries to the final buyer. 2. The ban on the supply of Russian oil established by this Decree shall be applied from the date of entry into force of this Decree.
3. Prohibition
Supplies of Russian petroleum products,
Established by this Decree, applies [on] date determined by the Government of the Russian Federation, but not earlier than from the date of entry into force of this Decree.
4. Deliveries
- Russian oil and petroleum products, the implementation of which is prohibited in accordance with this by decree, can be carried out on the basis of a special decision President of the Russian Federation.
5. To the Government of the Russian Federation: a) to determine the list of product codes for the unified Commodity Nomenclature of Foreign Economic Activity of the Eurasian Economic Union, to which they apply
The provisions of this Decree; determine the date from which the supply ban is applied
Russian petroleum products established by this Decree; to adopt acts aimed at implementing the ban,
Established by this Decree; to determine the procedure for monitoring execution
Russian Federation Ministry of Energy to monitor the execution on a regular basis in accordance with the procedure determined by the Government of the Russian Federation for the right to give official explanations on issues in coordination with the Ministry of Finance of the Russian Federation
Application of this Decree.
To entrust the interdepartmental working group on issues related to activities in the fuel and energy sphere, control over the implementation of this Decree.
This Decree shall enter into force on February 1, 2023.
And is valid until July 1, 2023.
ANTSELARIA Zaresident
Oobui Federation
Vladimir Putin Moscow, Kremlin
December 27, 2022
No. 961”
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—The Modern Times
Sources:
http://publication.pravo.gov.ru/Document/View/0001202212270015
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