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Special economic measures in the oil supply sector

28 декабря 2022
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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