Russian President Vladimir Putin has extended retaliatory measures against the Western-imposed price cap on Russian oil until the end of 2024, according to a decree published on the government’s website on Thursday.
Previously set to expire on June 30, 2024, the decree bans domestic oil exporters and customs bodies from complying with the price caps set by Western countries on Russian crude.
This measure reinforces Putin’s December 27, 2022 decree, which prohibited the supply of crude oil and oil products to countries that adhere to the price caps.
The price cap, a measure not even attempted during the peak of the Cold War between the West and the Soviet Union, aims to weaken Moscow’s military campaign in Ukraine without disrupting global oil markets by blocking Russian supply.
Under this cap, oil traders seeking to maintain access to Western financing for essential shipping services, such as insurance, must commit to not paying more than $60 per barrel for Russian seaborne oil.
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