Russia imposes ban on sale of its oil to countries that imposed price ceiling

Vladimir Putin has signed a decree on countermeasures to the introduction of a price ceiling on Russian oil. The document states that Russia bans supplies of its oil and oil products to foreign nationals and companies, if the contracts stipulate a fixed maximum price.

The decree will come into force on February 1, 2023, the restrictions on oil will be in force until July 1 of the next year, and on the supply of petroleum products from the date to be determined by the Russian government. In the backdrop of this news the oil prices went up. As evidenced by the London Stock Exchange, the price of Brent oil rose to $86 per barrel for the first time since December 5.