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Russian President Vladimir Putin signed a decree on Tuesday banning the export of oil and oil products to countries that apply a cap on the price of Russian crude.
The veto will enter into force on February 1 and will last at least five months, until July 1.
The G-7, the Member States of the European Union and Australia agreed in early December to set the maximum price for Russian oil at $60 per barrel, as one of the main restrictive measures against the Kremlin for its war in Ukraine, which it adds to the embargo of the EU and the United Kingdom on the import of Russian crude transported by sea.
Moscow is now moving to block sales to those countries, although it will allow deliveries with special permission from the Kremlin.
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Putin already announced last Sunday that he would announce the Kremlin's response to the western cap per barrel.
Putin affirmed that his country would not be harmed by this measure: "We do not lose anything because of that ceiling," declared the head of the Kremlin, in a speech, in which he again blamed the kyiv government for not forging the path for dialogue which, however, for Putin means capitulation.
Russia's oil production may fall by 500,000 to 700,000 barrels a day early next year, equivalent to about 5 to 6% of the country's current production, according to Deputy Prime Minister Alexander Novak, who It has highlighted that Russia prefers to reduce production than to sell "on line" to the set threshold.
For his part, the President of Ukraine, Volodímir Zelensky, acknowledged that the situation in some areas of Donbas, in the east of the country, partly controlled by the Russians, "is tough" for the Ukrainian forces.
The Donbas region, which includes the Donetsk and Lugansk provinces, the scene of intense fighting between Russians and Ukrainians in recent weeks, is partly controlled by Moscow, which unilaterally annexed those territories last September.
In a message on his Telegram profile, Zelensky spoke of the cities of Bakhmut and Kreminna, both in Donbas, and which, as he explained, "require maximum strength and concentration.
The situation there is tough."
“The occupiers use all resources, significant resources to get at least some progress,” he added.
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