Decree on retaliatory measures against Russia's oil price ceiling extended until June 30, 2025.
President Vladimir Putin has extended the retaliatory measures introduced by Moscow in response to the so-called price ceiling on Russian oil and oil products until June 30, 2025, TASS reported. The head of state's decree was published on the official legal information portal on the Internet.
The decree prohibits the supply of Russian oil and oil products if the supply contract directly or indirectly refers to the use of price ceilings imposed by the G7 countries, the EU and Australia.
The decree on retaliatory measures against oil price ceilings initially came into effect on February 1, 2023, and was originally scheduled to last until July 1, 2023, but has been extended several times since then.
On December 5, 2022, the European Union (EU) embargo on seaborne oil supplies from Russia came into effect. The G7 countries, the EU and Australia imposed a price ceiling on Russian seaborne oil of $60 per barrel for their vessels and affiliated territories.
Similar restrictions have been imposed on Russian oil products since 5 February 2023, with maximum prices of $100 and $45 per barrel, depending on the product. Changes to these restrictions require the unanimous agreement of all EU member states and G7 countries.
After the price cap was imposed, Russia's oil production and export situation faced many challenges but still maintained its adaptability.
Russia has sought to circumvent sanctions by building up its tanker fleet and seeking markets outside the EU, such as India and China. Data suggests a recovery in Russian oil revenues in 2023, particularly thanks to increased sales at discounted prices.
