Putin authorizes oil supplies to friendly countries

An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct 11, 2022, one of the largest facilities for oil and petroleum products in southern Russia. (PHOTO / FILE / AP)

VLADIVOSTOK – Russian President Vladimir Putin has authorized oil and oil product supplies to friendly countries under contracts signed before Feb 1, according to a decree published on Friday.

The decree, which takes effect from Friday, amended a previous one Putin signed at the end of last year that banned Russian oil and oil product supplies to foreign entities if their contracts directly or indirectly involved a price cap imposed by Western countries.

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In December 2022, the European Union placed a price cap of $60 per barrel on Russian seaborne crude oil, which was joined by the Group of Seven and Australia.