Russian President Putin signed a decree on June 26 extending a ban on supplying
Russian oil and petroleum products to foreign legal entities and individuals
where supply contracts directly or indirectly stipulate a G7 or EU price cap
mechanism. The measure, aimed at countering Western oil price limits, was due to
expire on June 30 and now runs through Dec. 31, 2027. The ban covers all
delivery stages. The decree first took effect on Feb. 1, 2023 and has been
extended several times.
