Published: 09:51, June 14, 2024 | Updated: 10:28, June 14, 2024
Putin extends Russia's response measures to West's oil price caps
By Xinhua
This photo taken on Dec 18, 2022 shows a drilling platform of Kovykta gas condensate field in Irkutsk, Russia. (PHOTO / XINHUA)

Russian President Vladimir Putin on Thursday extended a decree on the country's response measures to the price cap imposed by the West on Russian oil and petroleum products until Dec 31, 2024.

The decree prohibits the supply of Russian oil and petroleum products if the contracts for these supplies include the price ceiling imposed by the Group of Seven countries, the European Union, and 

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The decree, initially effective from Feb 01, 2023, has been extended multiple times. The latest extension was to remain in force until June 30, 2024.

In December 2022, the EU placed a price cap of 60 US dollars per barrel on Russian seaborne crude oil, a move adopted by the Group of Seven. From Feb 05, 2023, similar price restrictions were applied to petroleum products from Russia.