Putin extends ban on sale of oil and oil products at price cap

Russian President Vladimir Putin has extended the decree "On the application of special economic measures in the fuel and energy sector in connection with the establishment by some foreign states of a maximum price for Russian oil and oil products" until December 31, 2025.

Report informs via Russian media that this decree first came into force on February 1, 2023 and was extended several times, the most recent time - until June 30 of this year.

The document prohibits the sale of Russian oil and oil products to foreign legal entities and individuals if the contracts contain a price cap clause established by the United States and a number of other countries.