(VOVWORLD) - The Russian Government approved on Monday a procedure to implement President Vladimir Putin’s decree on responding to Western oil price caps.
 Russian government building. Source: RIA Novosti
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Russia will continue to monitor prices for export oil. Russian oil companies are required to ensure that their contracts do not include any provisions related to the price cap.
The decree states that if customs authorities, when declaring goods, detect a price ceiling, then the transport of goods via Russian Railways and Transneft pipelines from Russia to the countries of the Asian Economic Union - Europe will be banned.
The G7 price cap for sales of Russian crude oil took effect on December 5 and was initially set at 60 USD per barrel. A separate price cap for refined products is due to take effect on February 5, but its maximum price has not been set.