Putin wants to ban oil sales to whoever approves price cap - media

The Kremlin is preparing a draft presidential decree prohibiting Russian companies and any oil traders from selling Russian oil to participants in the price cap mechanism that Western nations intend to implement.

That’s according to a number of media outlets, with Bloomberg first breaking the news citing own sources, Ukrinform reports.

The decree will allegedly prohibit transactions with companies and governments participating in the oil price cap mechanism, as well as oil export to such countries, and any references to the cap price in contracts.

Previously, Russian President Vladimir Putin and some other officials have repeatedly threatened that the Russian Federation will not supply hydrocarbons to those who join the price cap, and will direct oil supplies to "market-oriented partners" or reduce production.

As reported, Western nations are still in debate on the Russian oil price cap.

On December 5, the EU ban on the import of Russian oil will enter into force, and in two months the ban on the import of Russian petroleum products will also come into force.

In addition, the G7 plans to limit prices for Russian oil. Transport service providers will be able to export it if the price does not exceed the cap. These measures are also due to enter into force on December 5.