Russian Finance Minister Anton Siluanov (Photo: AFP/VNA)

The ban will go into effect February 1 and will be valid until July 1, 2023. The date of the ban will be determined by the Russian government, according to the decree. President Putin can issue a special permit for the supply of Russian oil and oil products prohibited by the ban. The decree says the ban is a response to unfriendly actions by the US and its allies and will serve to protect Russia’s national interest.

On Monday, Russian Finance Minister Anton Siluanov said Moscow does not intend to sell oil to countries that support price caps on oil. In a press interview, Mr. Siluanov said Russia can limit its oil production.