The Kremlin banned exports of Russian crude oil and refined products to foreign buyers that adhere to a price cap, but Moscow held back from the most drastic retaliatory measures that could have further disrupted global oil supplies. 

The restriction on Russian crude exports will begin on Feb. 1 and last until at least July 2023, according to the decree published Tuesday. The ban on oil products will start at a date to be determined by the Russian government, but not earlier than Feb. 1. 

Russian President Vladimir Putin declared Tuesday that his nation will ban crude oil and petroleum product exports to countries that impose a price cap on Russian crude.

Russia’s announcement of an oil export ban on countries that abide by a G-7 price cap is the latest sign that we’ve entered a new era for global energy markets, according to analysts.

But they also note it’s unlikely to have a short-term impact on oil prices, with markets taking their cues from data and concrete actions rather than words.