Putin Bans Russian Oil Exports to Countries That Imposed Price Cap

Russian President Vladimir Putin meets with Belarusian President Alexander Lukashenko, on the sidelines of an informal summit of the Commonwealth of Independent States (CIS) at the State Russian Museum in St. Petersburg, Russia, 27 December 2022. (EPA/ Sputnik / Kremlin)

President Vladimir Putin on Tuesday delivered Russia's long-awaited response to a Western price cap, signing a decree that bans the supply of crude oil and oil products from Feb. 1 for five months to nations that impose the cap. 

The Group of Seven major powers, the European Union and Australia agreed this month to a $60-per-barrel price cap on Russian seaborne crude oil effective from Dec. 5 over Moscow's "special military operation" in Ukraine.