Putin exempts 'friendly’ countries from Russian price cap response

By Emre Gurkan Abay

MOSCOW (AA) - Signing a decree, Russian President Vladimir Putin excluded "friendly countries" from the ban on Russian oil sales imposed in response to the price caps.

According to the decree, which is stated to have entered into force as of today, “friendly countries” were excluded from the scope of the oil and oil supply ban to countries participating in Russia's ceiling price application.

On Dec. 27, Putin signed a decree prohibiting supplies of oil and petroleum products to countries that imposed a price cap on Russian fuel.

This came after EU and G-7 countries agreed to impose a $60-per-barrel price cap on Russian oil, seeking to restrict the money Russia can earn from oil amid the war in Ukraine.

Several countries that continue to buy Russian oil, especially China and India, have been demanding discounts from Russia, pointing to the possible risk of getting sanctioned.