(Photo: MidarinShutterstock)
The reaction to the sanctions: Russian President Vladimir Putin signed an order this evening (Tuesday) prohibiting the supply of Russian oil and its products to countries that have imposed a price ceiling on it. This is a response to the sanctions of the Western countries, which decided to set a maximum price for buying crude oil from Russia in order to limit Moscow’s ability to continue financing the war in Ukraine.
According to the Kremlin announcement, the new ban will enter into force on February 1, 2023, and will last for 5 months until July 1. However, the decree contains a clause according to which President Putin can decide on “special cases” that will be exempted from the ban.
As mentioned, at the beginning of this month the countries of the European Union, Australia and the Organization of Industrialized Countries (G7) decided to set a price ceiling for the purchase of crude oil from Russia, with the maximum price being 60 dollars per barrel. The move is intended to limit Russia’s profits from the sale of its oil to other countries, as well as with the aim of preventing a widespread increase in fuel prices around the world for the winter.
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