Russian President Vladimir Putin will ban exports of crude oil and oil products to countries imposing a price cap aimed at curtailing Moscow's ability to fund the invasion of Ukraine.

Putin signed a decree on Tuesday that says a ban will come into effect on February 1 and run until July 1.

The Group of Seven nations, Australia and the European Union have all capped the price of Russian seaborne crude at 60 dollars a barrel.

Earlier on Tuesday, Russian Finance Minister Anton Siluanov said his country's budget deficit could be wider in 2023 than the planned 2 percent of GDP.

The decree came as Putin wrapped up an informal two-day summit of the Commonwealth of Independent States in St. Petersburg. The CIS is partly made up of former Soviet republics.

The Russian leader held one-on-one talks with Belarusian President Alexander Lukashenko on the sidelines. The pair also met last week.

The Kremlin says arrangements are underway for a summit between Putin and Chinese President Xi Jinping this week.