Putin authorizes oil supplies to friendly countries

VLADIVOSTOK -- Russian President Vladimir Putin has authorized oil and oil product supplies to friendly countries under contracts signed before Feb 1, according to a decree published on Friday.

The decree, which takes effect from Friday, amended a previous one Putin signed at the end of last year that banned Russian oil and oil product supplies to foreign entities if their contracts directly or indirectly involved a price cap imposed by Western countries.

In December 2022, the European Union placed a price cap of $60 per barrel on Russian seaborne crude oil, which was joined by the Group of Seven and Australia.