STORY: Russia’s President Vladimir Putin bans oil exports to countries that have decided on a price cap on Russian crude oil. Putin signed a corresponding decree that is to come into force on February 1 of next year. The export ban should apply for at least five months until July 1st. The EU, the seven leading western industrialized countries and Australia this month imposed a price cap of $60 a barrel on seaborne oil from Russia, which also targets Russian exports to third countries. This is intended to put further financial pressure on Russia because of the war against Ukraine. However, some analysts believe that the cap will have little immediate impact on the oil revenues Moscow is currently generating. Even during the Cold War between the West and the Soviet Union, there was no price cap.