Putin Responds to Oil-Price Cap With Sales Ban for Participants

The Kremlin banned exports of Russian crude oil and refined products to foreign buyers that adhere to a price cap, but Moscow held back from the most drastic retaliatory measures that could have further disrupted global oil supplies. 

The restriction on Russian crude exports will begin on Feb. 1 and last until at least July 2023, according to the decree published Tuesday. The ban on oil products will start at a date to be determined by the Russian government, but not earlier than Feb. 1.