SHANGHAI, Feb 2 (SMM) - Since February 1, Russia has formally banned the export of Russian oil to foreign legal entities and individuals who directly or indirectly use the price cap mechanism in contracts. If a price cap mechanism is set in the contract, Russian oil exporters must notify the Russian customs and the Ministry of Energy, and the exporter must promise to modify the contract within 30 days, otherwise it will be considered an illegal act. This decree will remain in effect until July 1. At present, the Russian Ministry of Energy and the Ministry of Finance are still working out the price monitoring procedure for Russian oil exports, which is expected to be completed before March 1. EU member states, the G7 and Australia set a price cap of $60 per barrel on Russian seaborne oil exports since December 5, 2022. As a countermeasure, Russian President Vladimir Putin signed a presidential decree to prohibit the sale of Russian oil and oil products to countries that impose price cap.