By India Today Web Desk: Russian President Vladimir Putin has signed a decree banning oil exports to the ones nations withinside the European Union (EU) that placed fee cap on Russian oil.

The ban will come into impact from February 1, 2023, in step with the decree. The Kremlin`s decree stated: “This…comes into pressure on February 1, 2023, and applies till July 1, 2023.”However, the decree consists of a clause that permits for Putin to overrule the ban in unique cases.

Earlier this month, Putin had hinted that Russia ought to reduce oil manufacturing and might now no longer promote oil to any united states of america that imposes the West’s “stupid” fee cap.

His response got here after the G-7 nations, the European Union and Australia agreed to a $60 in step with barrel fee cap on Russian seaborne crude oil over Moscow’s invasion of Ukraine in February this year.

On February 24, 2022, Putin released a “unique army operation” in Ukraine aimed at “demilitarisation and denazification”.