RUSSIAN President Vladimir Putin has issued a decree banning oil exports from February to countries that have adopted a price cap on the commodity.

Supplies of Russian oil and oil products to foreign companies and individuals are banned if the contracts “directly or indirectly incorporate the mechanism for fixing a price cap”, the document published yesterday said, reported German Press Agency.

A European Union (EU) regulation – supported by the Group of Seven leading economies – has been in place since the beginning of this month to force Russia to sell oil for a maximum of US$60 (RM265) per barrel to buyers in other states.

The cap will be up to US$9.50 below the most recent market price for Russian crude oil.

Crude oil from Russia may now only be imported into the EU in exceptional cases. – Bernama, December 28, 2022.