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Putin signs presidential decree extending countermeasures against Western oil price cap on Russia

2026-06-26 17:31:17

GOLDEN Finance reported on June 27, Russian President Vladimir Putin signed a decree extending the ban on the supply of Russian oil and petroleum products subject to price caps imposed by the G7 and the European Union until December 31, 2027. The ban was originally set to expire on June 30. According to the new decree, if the supply contract for Russian oil and its products directly or indirectly stipulates a price cap mechanism, it is prohibited to supply the relevant products to foreign legal entities and individuals. The ban applies to all delivery stages. This presidential decree, aimed at countering oil price caps, took effect on February 1, 2023, and its validity has been extended multiple times. (CCTV News)

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