In light of Biden's recent measures to block Russian oil exports which sent global oil prices surging, Russian president Vladimir Putin signed a decree which introduced special economic measures to ensure Russia's foreign trade security, according to the official website for legal information on Tuesday. 

The decree reportedly allows the government to impose restrictions on exports from and imports to Russia regarding products and raw materials with particular countries - the list of countries will be defined later.

"For the purposes of ensuring the security of the Russian Federation and uninterrupted functioning of manufacturing industry, I order... to enforce the following special economic measures until December 31, 2022, [including] ban on the export from… and import to the Russian Federation of products and (or) raw materials, according to the list determined by the Russian government," the decree reads.

Furthermore, the decree mentions that the measures taken will not apply to raw materials exported from Russia or imported into Russia by Russian citizens, foreign citizens, and stateless persons for personal use. 

The foreign states, which will be determined soon, will be subject to the said restrictions in 2 days.

Biden bans Russian oil, says Ukraine will never be victory for Putin

The Russian military operation in Ukraine "will never be a victory" for President Vladimir Putin, US President Joe Biden said Tuesday in light of heavy western sanctions on Moscow, which failed to hinder the Russian advances in Ukraine.

Biden, whose country's insistence on Kiev joining NATO and ignorance of Russian proposals on security guarantees put Ukraine in this situation altogether, underlined that the crisis was exacting a "horrible price" and had already resulted in two million refugees.

"Russia may continue to grind out its advance at a horrible price but this much is already clear - Ukraine will never be a victory for Putin," claimed the President whose administration lost a 20-year war on Afghanistan just a few months ago.

Biden, in a bid to paralyze the Russian economy, went on and banned imports of Russian oil to the United States.

"Putin may be able to take a city, but he'll never be able to hold the country," he claimed, despite Moscow stressing that it did not intend to occupy Ukraine. 

The situation in many Ukrainian cities, particularly large cities, has devolved into a humanitarian disaster as a result of Kiev's inability to ensure the operation of humanitarian corridors, according to a statement issued by Russia's interdepartmental coordination headquarters for humanitarian response in Ukraine.

Addressing the humanitarian crisis, much of which has been created by Kiev, Washington, and Brussels, Biden pledged the United States would stand by its allies.