MOSCOW, December 28. /TASS/. The restriction on the supply of Russian oil will apply not only to new contracts but also to existing ones if they refer to some kind of price ceiling, Kremlin spokesman Dmitry Peskov told reporters on Wednesday.

"If there is reference to any price ceiling, then, of course, [the restriction will be applied], but if there is no reference to a price ceiling, then it does not apply," he said responding to a relevant question.

On December 5, an embargo on maritime oil supplies from Russia to the European Union came into force. The EU, the Group of Seven (the UK, Germany, Italy, Canada, USA, France, Japan), as well as Australia, agreed on a price cap for Russian oil supplied by sea at $60 per barrel. The US, EU and UK are banning their companies from providing transport, financial and insurance services to tankers carrying oil from Russia at a price above the agreed upon level.

On Tuesday, President Vladimir Putin signed a decree on retaliatory measures to the West's imposition of a price cap on Russian oil. The document bans supplies of Russian oil to buyers who join the West’s restrictions.