Putin Allows Oil Supply to Friendly Countries Regardless of Price Cap

Russian President Vladimir Putin has allowed the supply of oil and petroleum products to friendly countries, independent of the price cap, in accordance with contracts signed until February 1 of this year. This is stated in a decree issued by the head of state.

The price cap for Russian oil was set by the G7 countries last December at $60 per barrel. For those who purchase it above the specified price, companies from the G7 countries are prohibited from providing transportation services.

Additionally, since December, there has been an embargo on maritime supplies of Russian oil to the EU.

At the same time, Vladimir Putin has signed a decree prohibiting the supply of Russian oil and petroleum products to buyers whose contracts "directly or indirectly imply the application of a pricing mechanism." This ban is effective until July 1.