Russia extends retaliatory price ceiling

Russia has extended the decree banning the sale of oil and petroleum products to participants in the price ceiling on Russian oil until December 31, 2023. Russian President Vladimir Putin has extended the term of the decree banning the sale of oil and petroleum products to participants in the price ceiling on Russian oil until the end of 2023. According to the decree published on the Kremlin's official website, the ban on the sale of oil and petroleum products to participants in the price ceiling has been set as "December 31, 2023" instead of "July 1, 2023." The European Union countries agreed on December 2, 2022, to impose a ceiling price of $60 per barrel on oil transported by sea from Russia. Following this, Putin also signed the decree banning the sale of oil and petroleum products to individuals and companies participating in the price ceiling.