President Vladimir Putin signed a decree banning the supply of oil and petroleum products in response to the EU price cap from February 1 for five months.
The G7, the European Union and Australia agreed this month to impose a $60 per barrel price cap on Russian offshore crude from December 5 in connection with Moscow’s “special military operation” in Ukraine.
The Kremlin’s decree stated: “The present … comes into force on February 1, 2023 and is valid until July 1, 2023.”
The export of crude oil will be banned from February 1, but the date for the ban on petroleum products will be determined by the Russian government and may be after February 1.
The decree contains a clause that allows Putin to lift the ban in special cases.