Russian President Vladimir Putin (pictured) approved on Tuesday a new set of "preventive measures" to respond to the oil price cap adopted by the EU and its allies.
The decree prohibits the supply of oil and its derivatives to the nations that imposed a price cap on Russian oil. It will come into force on February 1, 2023, and will last for five months, ending on July 1.
In addition, the decree bans the "maritime transportation of Russian oil and related products and the provision of services in connection with such transportation." The decree contains a clause enabling the Russian president to override the prohibition in exceptional cases.
