Oil exports from Russia are to be banned beginning Feb. 1 to any country that agreed to cap prices, according to a decree signed Tuesday by President Vladimir Putin.

The ban would continue for five months.

“Deliveries of Russian oil and oil products to foreign entities and individuals are banned, on the condition that in the contracts for these supplies, the use of a maximum price fixing mechanism is directly or indirectly envisaged,” according to a translation of the decree.

[Want to visualize Henry Hub, Houston Ship Channel and Chicago Citygate prices? Check out NGI’s daily natural gas price snapshot now.]

Earlier this month, the European Union (EU) and the Group of 7 (G-7) nations, composed of Canada, France, Germany, Great Britain, Italy, Japan and the United...