Russian President Vladimir Putin on Tuesday signed a decree prohibiting supplies of oil and petroleum products to countries which imposed a price cap on Russian fuel. The decree, published on the governmental portal, comes into effect on Feb. 1 and will be valid until July 1, 2023. The ban is applicable to contracts which ‘expressly or indirectly’ contain either the term ‘price cap’ or a mechanism for setting a price limit at any stage of supply from the producer to the end buyer. Supply of Russian oil and petroleum products to countries that have introduced a price cap will be possible only on the basis of a special resolution from Putin, the decree said. Russia’s Energy Ministry has also been instructed to monitor compliance with the decree on retaliatory measures. ‘This decree implies a ban on the supply of oil and oil products to those countries and those legal entities that will require compliance in contracts with the price ceiling introduced by the European Union,’ Deputy Prime Minister Alexander Novak told Russian state TV. Last Friday, Russia vowed such a move, taken in the wake of the EU and Group of Seven countries introducing a price cap of $60 per barrel for Russian oil, seeking to restrict the money Russia can earn from oil amid the 10-month-old war in Ukraine. The price cap applies to oil supplies by sea and does not affect supplies via pipelines. Hungary, Bulgaria, Slovakia, the Czech Republic, and Croatia are temporarily exempted from the need to introduce the price limit. Meanwhile, Ukraine’s agricultural export earnings will decrease by 16 percent this year to 23.3 billion U.S. dollars, the Interfax-Ukraine news agency reported Tuesday, citing an industry body. The Ukrainian Agribusiness Club said that the supplies of Ukrainian grain abroad decreased sharply in the first months of the Russia-Ukraine conflict, affecting the full-year export figures. Since the Black Sea grain export deal, which unblocked the supplies of food stuffs via Ukrainian seaports, came into effect on Aug. 1, Ukraine’s agricultural exports have been gradually recovering. In 2022, such items as corn, sunflower oil, wheat, rapeseed and sunflower seeds were the biggest contributors to Ukraine’s agricultural export earnings. Earlier this month, Ukraine’s Economy Ministry said the agricultural sector suffered direct losses of 6.6 billion dollars due to the ongoing Russia-Ukraine conflict.