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Russian President Vladimir Putin on Tuesday banned the export of oil and oil products to the U.S. and its allies that recently imposed a price cap on Russian oil.
The ban will activate on Feb. 1 and remain in force until July 1, 2023, according to the executive order released by the Kremlin.
Russian oil may still be exported to those nations under the ban if Putin authorizes it through a special order.
The Group of Seven (G-7) nations, along with the European Union (EU) imposed a price cap on Russian oil that went into effect this month.
The cap prevents Russia from selling oil at more than $60 per barrel, a move intended to punish Moscow for invading Ukraine while also eating into Putin’s war chest.
