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Russian President Vladimir Putin has signed a decree that institutes special economic measures that will be in effect until the end of this year.
Part of those special economic measures will include a ban or restriction on exports outside Russia—the list of products, commodities, and raw materials to be determined later by the Russian government.
The purpose of the decree is to “ensure the security of the Russian Federation”.
The United States on Tuesday already banned imports of Russian crude oil, gas, and energy. Outside the United States, other Russian crude oil buyers are self-sanctioning, further limiting Russia’s ability to export its energy products.
When the United States announced the Russian energy ban, President Joe Biden said it did with the full support of Europe, acknowledging that Europe is not as well-positioned to withstand such a ban.
Should Russia decide to add crude oil or natural gas to its list of banned or restricted products, however, it could send Europe into a new level of energy crisis.
The decree goes into effect on the day of its official publication. The government has been given two days to complete a list of which foreign states will be subject to the new restrictions and which items should be restricted or banned.
Russian Deputy Prime Minister Alexander Novak already threatened to halt natural gas exports to Germany via the Nord Stream 1 pipeline earlier this week.
Russia is the world’s third-largest crude oil producer and is a major exporter of aluminum, nickel, and palladium.
Oil prices started to rise after news of President Putin’s decree, despite the vague nature of it.
Brent crude was trading at $128.40 at 4:30 p.m. ET.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.