BERLIN: A Russian decree that bans the supply of crude oil and oil products to countries abiding by a Western price cap has “no practical significance” for the German economy, said a German economy ministry spokesperson on Wednesday.

The German government has been working since spring to replace Russian oil supplies and ensure security of supply, which continues to be guaranteed “independent of whether this decree is now being issued or not,” said the spokesperson.

Putin bans Russian oil exports to countries that imposed price cap

Russian President Vladimir Putin on Tuesday delivered Russia’s long-awaited response to a Western price cap, signing a decree that bans the supply of crude oil and oil products from Feb. 1 for five months to nations that abide by the cap.