Putin Bans Oil Supplies from Russia to Buyers Adhering to EU Price Cap

Russian President Vladimir Putin has signed a decree that counters the West's imposition of a price cap on Russian oil, prohibiting supplies to buyers who joined this limit in February. The document was published on Tuesday, as reported by TASS.

The supply of Russian oil is banned under the EU's designated price cap starting February 1, 2023, with the duration of the oil products ban to be determined by the government of the Russian Federation, as stated in the document.

Moreover, the decree will be in effect from February 1, 2023, until July 1, 2023. Additionally, according to the document, the supply of Russian oil and oil products to countries that have set price caps will only be allowed based on a special decision by Vladimir Putin.