OREANDA-NEWS  The President of the Russian Federation signed a decree defining retaliatory measures to impose a ceiling on Russian oil prices. The decree will be valid until July 1, 2023. The ban on the supply of oil and petroleum products from the Russian Federation will be in effect from February 1, 2023.

"It is prohibited to supply Russian oil and petroleum products to foreign legal entities and individuals, provided that the contracts for these supplies directly or indirectly provide for the use of a mechanism for fixing the marginal price. The established ban is applied at all stages of deliveries to the final buyer," the decree says.

It is also indicated that the supply of Russian oil and petroleum products, the implementation of which is prohibited in accordance with the decree, can still be carried out, but only on the basis of a special decision of the President of the Russian Federation.