RT explained that ‘the presidential decree bans the supply of oil and petroleum products from Russia to countries which apply a price cap in their contracts. It also prohibits deliveries if the contracts directly or indirectly specify the cap.’
The decree that was signed today will officially go into effect on February 1st, 2023 and will extend into at least July 1st of the same year, but will only effect oil. The government will later determine the parameters of the sale of their petroleum products.
RT further added:
The president can grant special permission for the supply of oil and oil products prohibited by the price ceiling, according to the decree. The Russian Ministry of Energy will monitor compliance with the presidential order on retaliatory measures.
The $60-per-barrel price cap on Russian seaborne oil exports was introduced by the EU, G7 countries, and Australia on December 5. It bans Western companies from providing insurance and other services for Russian oil shipments unless the cargo is purchased at or below the set price.
The Kremlin vowed to respond to the measure in a way that would best serve Moscow’s interests, warning it would not trade with nations that support the price ceiling. Deputy Prime Minister Aleksandr Novak said that Russian oil will still be in high demand despite the latest sanctions on the country’s exports. By imposing a price cap, Western countries will only trigger further energy inflation due to scarce supply, the minister said, adding that Russia views such types of non-market mechanisms as unacceptable.
Following this news, ZeroHedge has been tracking the price of Urals oil (the Russian brand of oil). The outlet wrote:
While the price cap has not seen a major impact on pricing so far, that will likely change soon: As shown below, Urals oil is trading with a generous discount to spot Brent, and was last seen around $50.
In other words, those nations buying Urals – mostly China and India – are not violating the G-7 pact… yet. However, once Urals follows Brent higher, and its price rises above $60/barrel that will change, and at that point it will be interesting to see how the G7 responds to the two fastest growing economies and two most populous nations openly defying the G7’s Russian oil price floor.
AUTHOR COMMENTARY
If you thought the energy crisis was bad enough already, now Putin’s move has added a whole ‘nother layer to this terrible tasting, atomic blue-yellow sponge cake. Putin has still allowing special purchases to be made, but we already know how obstinate and stiffnecked our politicians are purposefully being, so that will not be happening I would imagine; as these Western psychos are determined to freeze and totally bring the nations to a grinding halt.
Moreover, you can expect the cost of everything to once again rise, especially in Europe where things have already gotten insanely out of control.
As I have said of recent, 2023 is going to be rough, and so therefore you must have the right mindset heading into this new year, and a genuine trust in the Lord whilst using discretion.
Be merciful unto me, O God, be merciful unto me: for my soul trusteth in thee: yea, in the shadow of thy wings will I make my refuge, until these calamities be overpast.
Psalm 57:1
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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I do not blame Putin at all. Almost ALL conflict around the world can be blamed SOLELY on actions of the United States politicos and their masters who tell them what to do like Klaus Schwab, etc.,etc. etc
Hope it gets cold enough in Europe to where the population has had enough and rises up against their slave masters and SS type enforcers formerly known as police officers and military which they are not and really never were in the first place. Guess things have to get a LOT worse before there is any HOPE of improvement. Stolen elections that go unchecked are a major part of the destruction, although given the quality of candidates these days with the exception of Kari Lake for whom i can find NO skeletons in her closet, there are very few people worth electing even without stolen elections