On 27 December 2022, Presidential Decree No. 961 "On the application of special economic measures in the fuel and energy sector in connection with the establishment by certain foreign states of a ceiling price for Russian oil and oil products" (Decree No. 961) was signed.
Decree No. 961 established a ban on supplies of Russian oil and oil products to foreign entities and individuals provided that contracts for such supplies directly or indirectly provide for the use of a ceiling price fixing mechanism.
The supply of oil and oil products will be allowed only on the basis of a special permit from the President of the Russian Federation.
Decree No. 961 will be effective from 1 February 2023 to 1 July 2023.
Nadmitov, Ivanov & Partners Law Firm advises on sanctions and counter-sanctions, including in the energy sector.
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