Russia-Ukraine War: Russian President Vladimir Putin on Tuesday signed a decree banning oil exports to countries and companies that will comply with a price cap from February. Putin's latest move has come in retaliation against the price cap of $60 per barrel agreed by the European Union, G7, and Australia against Russian crude, the world's largest country.
"The supply of Russian oil and oil products to foreign legal entities and individuals is prohibited if the contracts for these supplies directly or indirectly are using a price cap," reports quoting the presidential decree said.
The price cap against Russian crude came into effect earlier this month. It was imposed in response to Russia's attack on Ukraine in February 2022.
The decree also said that the ban may be lifted in individual cases on the basis of "special decision" from Russian President Vladimir Putin, as per reports. The decree will be effective from February 1, 2023, until July 1, 2023.
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