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Russia responds to G7, Australia oil price cap with ban on sales complying with it

( December 27, 2022, 22:55 GMT | Official Statement) -- MLex Summary: Russia has responded to a $60 price cap on its oil exports by banning sales to foreign companies and individuals if their contracts comply directly or indirectly with the mechanism, according to an executive order from the Russian government. The ban will apply at all stages of the supply chain from Feb. 1 to Jul. 1, a statement says. The Group of Seven and Australia’s price cap on Russian crude oil prevents other countries from using key transport services to ship the oil if it is traded above the threshold. The cap came into force on Dec. 5, and a similar cap on oil products will follow on Feb. 5.Executive order on special economic fuel-and-energy measures in response to the price cap on Russian oil and oil products established by some foreign states...

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