Russia has ceased exporting oil to any government or business that follows a price ceiling that Western countries agreed upon earlier this month.
The price cap was approved by the G7 countries, Australia, and the EU and entered into force on December 5.
The new cap prohibits nations from paying more than $60 (€56; £50) a barrel for Russian oil.
As of right now, Russia has said that it would stop selling oil and oil-related items to anybody who institutes a price ceiling.
According to the presidential decision, the ban will be in effect from February 1 to July 1.
The rule also allowed for Vladimir Putin, the president of Russia, to provide "special authorization" to supply the sanctioned nations.
In order to stop Russia from using oil revenue to finance the conflict in Ukraine, the major economies of the Group of Seven (G7) recommended a price cap in September.
Nevertheless, despite a decline in revenue from the West, a price increase and persistent demand from nations like India and China helped maintain Russia's revenue high.
The United Kingdom, the United States, and other nations have similarly committed to forbidding the import of crude oil by sea from Russia.
The price cap's objective is to further cut back on Russian oil income. It forbids the transportation of any Russian petroleum sold for more than $60 a barrel by G7 and EU tankers, insurers, and creditors.
Several of the biggest shipping and insurance companies in the world are members of the G7.
In the meanwhile, Volodymyr Zelensky, president of Ukraine, called the price cap a "poor" idea earlier this month and asserted that it would not hurt the Russian economy.
Export earnings are declining due to the oil price limit. On Tuesday, Russian Finance Minister Anton Siluanov issued a warning that the deficit would rise over the target of 2% of GDP in 2023 as a result.
Recently, the price of a barrel of oil has stabilised at $80, a substantial decrease from its highs of over $120 in March and June.