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Putin extends ban on supply of oil, oil products under price cap until December 31, 2024

The document bans the supply of Russian oil and oil products, provided that contracts for these supplies directly or indirectly involve a price cap introduced by the G7 countries, the EU, and Australia

MOSCOW, June 13. /TASS/. Russian President Vladimir Putin extended until the period of Russia's response measures in connection with the maximum price for Russian oil and oil products until December 31, 2024, according to the official website of legal information.

The decree came into force on February 1, 2023, and was originally supposed to be in effect until July 1, 2023. However, the measure was then extended several times. According to the latest presidential decree, the response measures were set to remain in effect until June 30, 2024.

The document bans the supply of Russian oil and oil products, provided that contracts for these supplies directly or indirectly involve a price cap introduced by the G7 countries, the EU, and Australia.

On December 5, 2022, the European Union embargo on seaborne oil supplies from Russia came into force. The Group of Seven (G7) countries, the EU, and Australia imposed a price cap of $60 per barrel on seaborne Russian oil for their subordinate vessels and territories. From February 5, 2023, similar restrictions apply to the supply of oil products from Russia. The maximum price was set at $100 and $45 per barrel, depending on the category of oil products. Changes to these restrictions require the agreement between all EU states and G7 members.

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Foreign policy Vladimir Putin

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