Putin Extends Russia’s Ban on Oil Supplies Under G7-EU Price Cap Terms Until December 31, 2027

Russian President Vladimir Putin signed a decree extending Russia’s ban on supplying oil and petroleum products under contracts that include the G7 and European Union price-cap mechanism until December 31, 2027. According to Jin10, the decree was signed on June 26 and extends a measure that had been due to expire on June 30. Under the updated decree, supplies of Russian oil and petroleum products to foreign legal entities and individuals are prohibited if the supply contract directly or indirectly stipulates the use of a price-cap mechanism. The ban applies across all stages of delivery. The decree, introduced as a countermeasure to the oil price cap, took effect on February 1, 2023, and its validity has been extended multiple times.