Putin signs presidential decree to extend countermeasures against Western oil price cap on Russia

Golden Ten Data reported on June 26 that on June 26 local time, Russian President Putin signed a presidential decree extending the ban on the supply of Russian oil and petroleum products at prices capped by the G7 and the European Union until December 31, 2027. The ban was originally set to expire on June 30. According to the new decree, if contracts for the supply of Russian oil and its products directly or indirectly stipulate a price cap mechanism, supplying the related products to foreign legal entities and individuals is prohibited. This ban applies to all stages of delivery. This presidential decree, aimed at countering the oil price cap, took effect on February 1, 2023, and its validity has been extended several times.