Putin bans export of Russian oil to countries that imposed oil price cap

SARAJEVO, (Patria) - Russian President Vladimir Putin responded to the Western oil price cap and signed a decree banning oil and oil derivatives supplies to countries participating in this cap from February 1 for five months.

The G7 group, the European Union and Australia agreed this month on a price cap for Russian seaborne crude oil at $60 per barrel. The cap has been in effect since December 5 due to Moscow's "special military operation" in Ukraine.

"This comes into effect on February 1, 2023, and applies until July 1, 2023," the Kremlin decree reads. Crude oil exports will be banned from February 1, and the date for the ban on oil derivatives will be determined by the Russian government, likely after February 1. The decree contains a clause that allows Putin to override the ban in special circumstances.