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.