Putin extends ban on Russian oil exports under price cap through end-2027

MOSCOW, June 26. /TASS/. Russian President Vladimir Putin has extended through December 31, 2027 the ban on supplies of Russian oil and petroleum products under the price cap imposed by the G7 and the European Union, according to a presidential decree.

The ban had been in effect through June 30, 2026, and the new decree extends it through the end of 2027. The document prohibits supplies of Russian oil and petroleum products to foreign legal entities and individuals if contracts for such supplies directly or indirectly provide for the use of a price cap mechanism. The ban applies at all stages of deliveries through to the final buyer.

The decree introducing retaliatory measures in response to the price cap entered into force on February 1, 2023, and its validity has been extended several times.