Response measures of the Russian Federation

On December 27, 2022, Russia’s President Vladimir Putin signed a decree on response measures to the introduction by the G7 group of nations of a price cap for Russian oil and petroleum products, banning, from February 2023, its supply to buyers who joined this restriction.

The supply of Russian oil and oil products to foreign legal entities and individuals is prohibited, where the contracts for these supplies directly or indirectly provide for the use of a price cap mechanism. According to the decree, the ban applies at all delivery stages to the final buyer. The decree came into force on February 1, 2023, and was valid until July 1, 2023. The ban on the supply of oil established by this decree was applied directly from February 1. The ban on the