Putin bans the export of Russian oil to countries that imposed a price ceiling

Today, Tuesday, Russian President Vladimir Putin signed a decree banning the supply of oil and petroleum products to countries that imposed a ceiling on Russian crude prices, provided that it enters into force on February 1, 2023, and lasts for a period of five months.

The Group of Seven major nations, the European Union and Australia agreed this month to cap the price of Russian seaborne oil at $60 a barrel from Dec. 5 in response to Moscow's private military operation in Ukraine.

The Kremlin decree states: "This ban will enter into force on February 1, 2023, and will remain in effect until July 1, 2023."

Crude oil exports will be banned as of February 1, but the date for banning oil products will be set by the Russian government and could be after February 1. The decree included a clause allowing Putin to cancel the ban in special cases.

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