Russia responded to the G7 price ceiling by banning its oil exports

From February 1, 2023, a ban on oil exports to countries that implement a price cap will come into force. The date for oil products will be determined by the government later.

President Putin's decree on response to the price ceiling for oil from Russia set by some countries was posted on the official website of legal information. The document prohibits the export of Russian oil and oil products to foreign legal entities and individuals, provided that the contracts have the price ceiling. The ban on oil exports was set for six months, from February 1 to July 1, 2023. The government will also determine the duration of this ban on the supply of oil products to such states.

The document also provides for exceptions for the supply of oil and oil products based on a special presidential instruction.