Putin Extends Russia’s Response Measures to West’s Oil Price Caps
Representation of the Russian oil industry. Photo: X/ @Sputnik_India
June 14, 2024 Hour: 6:22 am
In 2022, the EU placed a price cap of US$60 per barrel on Russian seaborne crude oil, a move adopted by the Group of Seven.
On Thursday, Russian President Vladimir Putin extended a decree on the country’s response measures to the price cap imposed by the West on Russian oil and petroleum products until Dec. 31, 2024.
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The decree prohibits the supply of Russian oil and petroleum products if the contracts for these supplies include the price ceiling imposed by the Group of Seven countries, the European Union, and Australia.
The decree, initially effective from Feb. 1, 2023, has been extended multiple times. The latest extension was to remain in force until June 30, 2024.
In December 2022, the EU placed a price cap of US$60 per barrel on Russian seaborne crude oil, a move adopted by the Group of Seven. From Feb. 5, 2023, similar price restrictions were applied to petroleum products from Russia.
On the other hand, Russian forces continued their special operation in Ukraine through a series of air attacks.
Several batches of missiles entered Ukraine over the airspace of the northern Sumy and Chernihiv regions early Friday, and moved towards kyiv, the western city of Rivne and the town of Starokonstyantyniv in the western Khmelnytskyi region.
During the second wave of the attacks, Russia launched a Kinzhal missile at Ukraine. Explosions were heard in the Ukrainian capital and the Khmelnytskyi region during the air alert. The Starokonstyantyniv airfield, which supposedly will host F-16 fighters, has long been targeted by Russian forces.
Source: Xinhua
teleSUR/ JF
