On 27 December 2022, Russian President Vladimir Putin signed a decree on countermeasures against the introduction of a price cap on Russian oil and oil products. These are in response to the G7 agreement on a US$60 per barrel cap for Russian seaborne oil. The decree bans the sale of oil and oil products if the sales contract is based on a price cap for Russian oil, although the decree allows Putin the right to make exceptions to the application of this rule. The ban will become effective as from 1 February 2023 and will apply ‘to Russian…