Russian President Vladimir Putin signed a decree today banning exports of oil and oil products to countries that have adopted the price cap imposed by the G7, the European Union, and Australia.
The measure will be in effect from February 1 until July 1, 2023.
Russia's budget deficit in 2023 may be larger than the projected 2%, as the cap on Russian oil prices is expected to reduce export revenues, Finance Minister Anton Siluanov said earlier.
On December 9, President Putin called the price cap «nonsensical,» saying that the $60 per barrel limit corresponds to the price at which Russia already sells its oil.
Last week, Moscow announced that the imposition of a cap could lead it to decide to reduce oil production by 5%-7% at the beginning of next year.
