MOSCOW, December 18 Russian President Vladimir Putin has extended the decree on response measures to the Russian oil price ceiling until June 30, 2024, the presidential decree says. .
“Introduce into Decree of the President of the Russian Federation dated December 27, 2022 No. 961 “On the application of special economic measures in the fuel and energy sector in connection with the establishment by some foreign states of the maximum price for Russian oil and petroleum products”… an amendment by replacing the words in paragraph 9 «until December 31, 2023 inclusive» with the words «until June 30, 2024 inclusive» — the document says.
At the end of 2022, the President, by decree, prohibited the supply of Russian oil and petroleum products to foreign parties if the contracts directly or indirectly provide for the use of a maximum price fixation mechanism (the so-called ceiling) introduced by unfriendly countries, and the ban applies at all stages of supply to the final buyer. The decree took effect on February 1, 2023.
The response period expired on July 1, 2023, then was extended until the end of this year. Now the published document indicates a new date — June 30, 2024 inclusive.
Oil sanctions by Western countries against the Russian Federation came into force on December 5, 2022: the European Union stopped accepting Russian oil transported by sea, and the G7 countries «, Australia and the EU have introduced a price limit for sea transport at $60 per barrel — it is prohibited to transport and insure more expensive oil.
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