Russian President Vladimir Putin signed a decree Friday extending Moscow’s retaliatory measures in response to a Western price cap on Russia’s oil until June 30, 2025, according to a document published Friday.
The original decree, issued on Dec. 27, 2022, banned the export of Russian oil and petroleum products under contracts that included the price ceiling set by the Group of Seven (G7) countries, the EU, and Australia.
It has been extended multiple times and the latest extension was to remain in force until Dec. 31, 2024.
In December 2022, the EU placed a price cap of 60 U.S. dollars per barrel on Russian seaborne crude oil, a move adopted by the G7. From Feb. 5, 2023, similar price restrictions were applied to petroleum products from Russia.
