Russia has hit back at the G7’s attempts to cap gains from the country’s oil revenues, after Vladimir Putin signed a decree banning sales under contracts that comply with the $60 price ceiling imposed by Ukraine’s western allies.
The decree, signed by Russia’s president and published on Tuesday, said the Kremlin would ban the sale of the country’s crude and crude-related products under contracts that “directly or indirectly imply a price cap mechanism”.
However, the decree says Putin “may grant special permission” to sell oil and oil products in certain circumstances even if purchasers comply with the cap — a wording that potentially paves the way for Russia to continue to sell crude to producers in markets such as India and China.
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