Russian President Vladimir Putin signed today, Tuesday, a decree prohibiting the supply of oil and petroleum products to countries that imposed a ceiling on Russian crude prices, provided that it enters into force in early February and continues for a period of 5 months.
The Group of Seven major countries, the European Union and Australia agreed - this December - to set a maximum price for Russian oil transported by sea at $60 a barrel, starting from the fifth of this month, in response to Russia's war on Ukraine.
The Kremlin decree stipulates that the ban on the supply of oil and petroleum products to countries that have imposed a ceiling on Russian crude prices "enters into force on February 1, 2023, and remains in force until July 1, 2023."
The decree includes a provision allowing Putin to overturn the ban in special cases.
And while crude oil exports will be banned starting from the first of next February, the Russian government has not yet set a date for banning oil products.