Russian President signs decree to relax oil price restrictions and supply restrictions on friendly countries

Xinhua News Agency, April 29-Russian President Putin recently signed a decree allowing the supply of oil and petroleum products in accordance with the agreement reached with friendly countries before February 1, without being restricted by the Russian president's decree at the end of last year to limit the price of western oil to Russia. The Russian legal information website published the corresponding documents of the decree on April 28. The decree, which came into force on the 28th, amended the presidential decree on dealing with Western oil price restrictions on Russia signed by Putin at the end of last year. In early December, EU member states reached an agreement to set a price ceiling of US $60 per barrel for seaborne oil exports to Russia, and the Group of Seven and Australia announced the same price limit policy as the EU. That month, Putin signed a presidential decree prohibiting the supply of Russian oil and petroleum products to foreign legal persons and individuals who directly or indirectly use the price cap mechanism in the contract. This presidential decree takes effect from February 1, 2023 and is valid until July 1.