Russia bans supply of oil to nations participating in Western price cap

Russian ban will come into force on 1 February 2023 and lasts until 1 July

Russian president Vladimir Putin has signed a decree banning the supply of oil and oil products to nations participating in the Western price cap for five months from the start of February.

As part of an international campaign to curb Russia’s ability to wage war, the G7 nations and Australia announced earlier this month that the $60 (€57; £48) per barrel price cap would come into effect on 5 December or “very soon thereafter”. It aims to reduce Moscow’s income from selling oil while tempering the potential for any spike in global prices as the Ukraine war enters its tenth month.

In response, Russia announced a ban on oil products to people observing the price cap will begin on 1 February and last until 1 July.