Russian President Vladimir Putin signed a five-month decree that will go into effect at the beginning of February and ban the supply of oil and petroleum products to countries where Russian crude oil prices have skyrocketed.
The G7, the European Union and Australia agreed - this December - to set the maximum price per barrel of Russian oil transported by sea at $60 a barrel from the fifth of this month in response to Russia's war against Ukraine.
In addition, the Kremlin decree states that the ban on the supply of oil and petroleum products to countries with a ceiling on Russian crude oil prices “will enter into force on 1 February 2023 and will remain in effect until 1 July 2023”.
Also, although crude oil exports will be banned from the first day of next February, the Russian government has yet to set a date for the ban on petroleum products.
The European Union, the G7 and Australia set a ceiling on Russian crude oil prices at $60 a barrel in early February to keep Moscow from supplying the global market while limiting Russia's revenues.