Russian President Vladimir Putin signed a decree on countermeasures to the introduction of the price cap on Russian oil. The decree will be valid until July 1, 2023. The ban on supplies of oil and petroleum products from Russia will be effective from February 1, 2023, TASS reports.

The decree prohibits the supply of oil and petroleum products from Russia to those who prescribe a price ceiling in the contracts. It also prohibits supplying oil to foreign buyers, if the contract uses the mechanism of fixing the ceiling price.

Supplies of Russian oil and oil products to the countries which have imposed the price ceiling will be possible only on the basis of a special resolution of the President of the Russian Federation.

The Ministry of Energy will monitor compliance with the Presidential Decree on the response to the introduction of the price cap on Russian oil.