The Russian government website reported that President Vladimir Putin signed, Friday, a decree exempting existing contracts with so-called “friendly” countries and companies from the ban he imposed on Russian oil sales in response to price restrictions.
In December, Putin signed a decree banning the supply of crude oil and oil products, starting from February 1, to countries that adhere to the price ceiling, reports Al-Rai daily quoting Reuters.
The Group of Seven, the European Union and Australia had agreed to impose a price ceiling of $60 per barrel of Russian crude oil transported by sea, as of December 5, in response to Moscow’s “special military operation” in Ukraine.
On Friday, Putin signed amendments to the decree he issued in December to exclude existing contracts with companies and countries that Russia does not consider “unfriendly”.
Russia continues to produce and export oil despite the sanctions, after diverting its oil exports to China and India to replace traditional markets in Europe.