New Delhi, Dec 27 (SocialNews.XYZ) In retaliation against the price cap of $60 per barrel agreed by the European Union, G7 and Australia against Russian crude, the world's largest country on Tuesday issued a decree to ban oil sales to countries and companies that adhere to the price cap, media reports said.
"The supply of Russian oil and oil products to foreign legal entities and individuals is prohibited if the contracts for these supplies directly or indirectly are using a price cap," reports quoting the presidential decree said.
The price cap against Russian crude came into effect earlier this month. It was imposed in response to Russia's attack on Ukraine in February 2022.
The decree also said that the ban may be lifted in individual cases on the basis of "special decision" from Russian President Vladimir Putin, as per reports.
The decree will be effective from February 1, 2023 until July 1, 2023.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
