Russian President Vladimir Putin signed a presidential decree regarding special measures following the imposition of a price cap on Russian oil by several countries, which prohibits the supply of oil and petroleum products from Russia.

According to the presidential decree, the supply of oil and petroleum products from Russia is prohibited to those who impose a price cap in contracts.

The ban on the supply of oil and petroleum products from Russia will come into effect from February 1, 2023, and the decision on retaliatory measures against the imposition of a price cap on oil will be effective until July 1, 2023.

The decree, published on Tuesday, indicated that these measures are taken "in relation to unfriendly and unlawful actions taken by the United States, foreign countries, and related international organizations" and to protect the national interests of the Russian Federation.

According to the Russian president's decree, the supply of oil and petroleum products from Russia is prohibited to countries that impose a price cap in contracts, and the supply of oil to foreign buyers is also prohibited if the contract uses the price cap mechanism.

Also, Russian President Vladimir Putin may grant special permission to supply Russian oil and petroleum products to countries that imposed a price cap based on a special decision of his.

The Ministry of Energy will monitor compliance with the Russian president's decree regarding the response to measures imposing a price cap on Russian oil prices.