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Putin bans Russian oil exports to proponents of price caps

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President Vladimir Putin signed a decree banning the supply of oil and petroleum products in response to the EU price ceiling from February 1 for a period of five months.

The Group of Seven major nations, the European Union and Australia agreed this month to a maximum of $60 a barrel for Russian crude oil shipped by sea from December 5 after Moscow’s “special military operation” in Ukraine.

The Kremlin decree read: “This … enters into force on February 1, 2023, and is valid until July 1, 2023.”

Crude oil exports will be banned from February 1, but the date for the ban on oil products will be determined by the Russian government and could be after February 1.

The decree includes a provision allowing Putin to overturn the ban in special cases.

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