Russian President Vladimir Putin signed a decree on Tuesday imposing a ban on oil exports to countries introducing a price cap on Russian oil.
The decree bans the supply of oil and oil products to nations that imposed a price cap on Russian oil and it comes into force from February 1 next year, Reuters reported. The decree reportedly would last for five months, until July 1.
The G7 countries, European Union and Australia agreed to impose a $60-per-barrel price cap on Russian seaborne crude oil effective from December 5 over Moscow's aggression on Ukraine.
Quoting the decree, Reuters reported, “This comes into force on February 1, 2023, and applies until July 1, 2023. Crude oil exports will be banned from February 1, but the date for the oil products ban will be determined by the Russian government and could be after February 1.”
The decree allows Putin to overrule the ban in special cases.