Putin signs decree banning oil exports to EU countries that put price cap
Russian President Vladimir Putin has signed a decree banning oil exports to those countries in the European Union (EU) that put price cap on Russian oil.
The ban will come into effect from February 1, 2023, according to the decree. The Kremlin’s decree stated: “This…comes into force on February 1, 2023, and applies until July 1, 2023.”
However, the decree includes a clause that allows for Putin to overrule the ban in special cases.
Earlier this month, Putin had hinted that Russia could cut oil production and would not sell oil to any country that imposes the West’s “stupid” price cap.
His reaction came after the G-7 countries, the European Union and Australia agreed to a $60 per barrel price cap on Russian seaborne crude oil over Moscow’s invasion of Ukraine in February this year.
On February 24, 2022, Putin launched a “special military operation” in Ukraine aimed at “demilitarisation and denazification”.