Vedomosti publishes details of Russia's impending policy response to oil price cap

Russian authorities have compiled a list of measures they plan to take in response to the price cap imposed on Russian oil by the G7 nations, the European Union and Australia, Vedomosti reported on Tuesday.

According to a draft presidential decree seen by a source who spoke to Vedomosti, Moscow reportedly plans to ban oil sales in the following circumstances:

• If a country that is a party to the price cap agreement is listed as the recipient in the contract;
• If the price cap is included as a condition in the contract, or if the reference prices set by the contract are equal to the price cap (i.e. $60 per barrel).

The draft decree also includes a clause allowing exporters to bypass the ban if they receive permission from the government.

The decree will not apply to contracts concluded before December 5, when the price cap came into effect. According to Vedomosti, the new measures will take effect at the moment of their publication and will remain in force until July 1 with the possibility of extension.

Sources close to the Russian government told Vedomosti that the decree is not yet complete.

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