Russia extends the ban on selling oil and its derivatives to European Union countries

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The Russian President Vladimir Putin signed, on Monday, an extension of a decree banning the sale of oil and petroleum derivatives to countries participating in applying the price ceiling until the end of this year.

According to the decree published on the official Kremlin website, the period for banning the sale of oil and petroleum derivatives to those involved in applying the price ceiling has been set to December 31, 2023, instead of July 1, 2023.

On December 2, 2022, the European Union countries agreed to set the price ceiling for Russian seaborne oil at $60 per barrel.

In response, last February, Vladimir Putin signed a decree banning the sale of oil and its derivatives to individuals and companies involved in applying the price ceiling.

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