“The maximum price for products with a premium to crude oil will be $100 per barrel, and the maximum price for products with a discount to crude oil will be $45 per barrel,” RIA Novosti quoted G7 as saying.

It is specified that the price cap will take effect from February 5 or “very soon after that date.”

Earlier it was reported that on February 1, the decree of Russian President Vladimir Putin on retaliatory measures to the ceiling on oil prices from Russia from the G7 and the European Union came into force.

The head of state has banned the supply of oil and oil products from Russia to those who prescribe the maximum price for Russian energy resources in contracts.