Putin stops the export of oil to the G7 countries

Russia  

Russia bans oil exports to countries that impose price caps  

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Annica Ögren  

Published: Less than 50 min ago  

Updated: Less than 20 min ago  

NEWS 

Vladimir Putin has reportedly signed a new decree banning oil exports to all countries that imposed price caps on Russian oil.  

The decision is expected to enter into force in February. 

Putin in a meeting with the head of the Russian gas monopoly Gazprom, Alexei Miller, before Christmas. Photo: Mikhail Kuravlev, Sputnik, Kremlin Pool Photo via AP 

Vladimir Putin is said to have signed a new decree today, reports the Norwegian Dagbladet, with reference to Reuters.  

The decision prohibits the delivery of oil and oil products to countries that have introduced a price ceiling on Russian oil and thus includes the G7 countries, the EU and Australia - which in December introduced a price ceiling on oil.  

Photo: Michael Sohn/AP 

The export ban is expected to enter into force in February and will apply for five months, until July 1, 2023.  

Regarding the ban on oil products, the date of introduction may be set after February 1, according to Reuters.  

The decree contains a clause that allows Putin to override the ban in special cases.  

The price ceiling is set at $60 a barrel and is supposed to help reduce Russia's income and thereby reduce its ability to finance the war in Ukraine.