MOSCOW: President Vladimir Putin has extended retaliatory measures introduced by Moscow in response to the so-called "price cap"...
MOSCOW: President Vladimir Putin has extended retaliatory measures introduced by Moscow in response to the so-called "price cap" on Russian oil and oil products until June 30, 2025. The relevant decree of the head of state has been published on the official Internet portal of legal information.
The document bans the supply of Russian oil and oil products if contracts for these supplies directly or indirectly reference the use of a price cap imposed by the G7 countries, the EU, and Australia.
The decree on retaliatory measures against the oil price cap initially came into effect on February 1, 2023, and was originally intended to last until July 1, 2023, but has been extended multiple times since then.
On December 5, 2022, the European Union embargo on seaborne oil supplies from Russia came into effect. The G7 countries, EU, and Australia implemented a price cap on Russian seaborne oil at $60 per barrel for their affiliated ships and territories. From February 5, 2023, similar restrictions were applied to petroleum products from Russia, with a maximum price set at $100 and $45 per barrel, depending on the product category. Changes to these restrictions require unanimous agreement from all EU member states and G7 participants.
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