Russia has banned oil sales to countries and companies that adhere to price caps agreed by Western countries earlier this month.
The price cap agreed by the G7 countries, Australia and the European Union (EU) came into effect on December 5, capping the price at $60 a barrel for Russian oil.
In response, the Kremlin banned the sale of its oil and oil products to anyone who supported the move.
As a result, on Tuesday, President Vladimir Putin signed a decree banning oil exports to countries that put Russian oil price caps.
It is understood that the decree will be in effect for five months from 1 February to 1 July 2023.
However, the decree includes a clause allowing Putin to overturn the ban in special cases.
Earlier, Putin has signaled that Russia may cut oil production and will not sell oil to any country that imposes "stupid" Western price caps.
