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, to enter into force in early February and continues for five 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 the sea at $60 a barrel, starting from the fifth of this month in response to Russia’s war on Ukraine.

In addition, the Kremlin decree stipulates that the ban on the supply of oil and petroleum products to countries that imposed a ceiling on Russian crude prices “comes into force on February 1, 2023, and remains in effect until July 1, 2023”.

Moreover, 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.

The European Union, the Group of Seven countries and Australia imposed a ceiling on Russian crude prices at $60 a barrel in early February, intending to limit Russian revenues while ensuring that Moscow continues to supply the global market.