The Russian government issued a legal paper on Monday listing out detailed measures of how Russia will cope with the price cap imposed by Western countries after the country's President Vladimir Putin signed a decree to ban sales of the nation's oil to any buyers adhering to a price cap introduced by Western countries, which will take effect on February 1 and will last to July 1.

According to the paper on the website of Russian Legal Information Agency (RAPSI), the Energy Ministry and Finance Ministry of Russia have agreed to approve the price monitoring procedures for Russian oil exports by March 1.

Once the procedures completed, individuals and companies must monitor their export contracts to make sure there are no references to the oil price threshold, and ensure that their counterparts don't use the price cap in any resales to final customers, according to the paper. If violations were found, they must inform Russia's customs service and energy ministry, which will call a suspension of oil export until the relevant parties correct their actions.

Russia announced lat month that it would ban oil sales to countries that abide by a price cap imposed this month by the West. Under the price cap, which took effect on December 5, oil traders must promise not to pay above $60 per barrel for Russian seaborne oil to retain access to Western financing for such crucial aspects of global shipping such as insurance.

Russia is the world's second largest oil exporter after Saudi Arabia, and any actual disruption to its sales would have far-reaching consequences for global energy supplies.

Russia has repeatedly said that the move by the West was a gross interference which contradicted the rules of free trade and the adoption of these decisions will not only impact Russia, but "destabilize the world energy markets" by further tightening global oil supplies and pushing oil prices higher amid the background that major oil producers have decided to maintain their production cuts.

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The decree from Putin, said the move is a direct response to "actions that are unfriendly and contradictory to international law by the United States and foreign states and international organizations joining them”.

Since the outbreak of Ukraine- Russia conflict, the relationship between Russia and the West has further deteriorated.

At Monday's meeting between Russian Deputy Foreign Minister Sergei Ryabkov and the new U.S. Ambassador to Russia Lynne Tracy, who presented copies of her credentials, Ryabkov pointed out the counter productiveness of Washington's confrontational policy, which is "fraught with serious negative consequences."

Ryabkov said the Russian side hopes that the U.S. envoy will strictly abide by Russian laws, observe norms and customs, adhere to the principle of non-interference in the internal affairs of the host country. The U.S. embassy said in a press release that Ambassador Tracy, the first female U.S. Ambassador to Russia, begins her tenure in Moscow focused on maintaining dialogue between our capitals at a time of "unprecedented tension".

(With input from agencies)