Russia Extends Ban on G7 Price-Cap Oil

Russian President Vladimir Putin has extended the ban on exports of Russian oil and petroleum products under contracts that utilize the price cap imposed by the G7 countries and the European Union, according to the TASS news agency.

The new presidential decree extends the measure's validity until 31 December 2027. The ban was originally set to expire at the end of June 2026.

The measure prohibits supplies to foreign companies and individuals if the contracts directly or indirectly refer to the price cap mechanism.

The ban applies to the entire supply chain, all the way to the end customer. Moscow is thus continuing its retaliatory measures against Western sanctions, which were intended to limit Russia's revenue from energy exports following the start of the war in Ukraine.

The price cap mechanism was introduced by the G7 countries, the European Union and their allies in late 2022. Russia's countermeasure took effect in February 2023 and has been repeatedly extended since then.

(mja)