Putin extends ban on selling oil to countries with price cap on Russian fuel

Russian President Vladimir Putin on Monday extended through Dec. 31 the ban on selling Russian oil and petroleum products to countries that introduced a price cap, a price above which fuel purchases are prohibited.

According to a decree on the government's official website, the supply of Russian oil and petroleum products is prohibited under contracts which directly or indirectly provide for use of the price cap.

The decree first came into force on Feb. 1 and was supposed to be valid until July 1, but now lasts until the end of the year.

Last December, the US, EU, UK, Canada, Japan, and Australia imposed a price cap of $60 per barrel on seaborne supplies of Russian oil, and this February, the cap was expanded to petroleum products.