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Germany says the restriction on Russian oil exports has no practical significance.

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Germany’s government spokesman said on Wednesday that Moscow’s move to prohibit oil deliveries to nations that set a price ceiling on Russian gasoline “has no practical significance.”

Berlin is not concerned about the latest order issued by Russian President Vladimir Putin, according to Robert Saverin, a spokesperson for the German Ministry of Economic Affairs and Climate Action.

“I don’t want to say it is irrelevant, but there is no real-world application to it. Since the beginning of the summer, we have been getting ready to replace Russian oil exports, he stated. “Overall, we have been attempting to guarantee supply security. Regardless of whether this decree has been issued or not, it remains assured.

On Tuesday, Putin issued a directive banning the export of oil and petroleum products to nations that set a price ceiling on Russian gasoline.

The decree is effective as of February 1 and is in force through July 1.

The restriction applies to contracts that “expressly or implicitly” include the phrase “price cap” or a provision that establishes a price cap at any point in the supply chain, from the producer to the final consumer.

After the EU and G-7 nations set a price cap of $60 per barrel for Russian oil in an effort to reduce its oil revenues, Moscow had promised such a step.

The price cap only applies to oil that is transported by sea; pipeline supplies are unaffected. Croatia, the Czech Republic, Hungary, Bulgaria, Slovakia, and the rest of the group are temporarily exempt from the rule’s application.


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