MOSCOW, June 13 (Xinhua) -- Russian President Vladimir Putin on Thursday extended a decree on the country's response measures to the price cap imposed by the West on Russian oil and petroleum products until Dec. 31, 2024.

The decree prohibits the supply of Russian oil and petroleum products if the contracts for these supplies include the price ceiling imposed by the Group of Seven countries, the European Union, and Australia.

The decree, initially effective from Feb. 1, 2023, has been extended multiple times. The latest extension was to remain in force until June 30, 2024.

In December 2022, the EU placed a price cap of 60 U.S. dollars per barrel on Russian seaborne crude oil, a move adopted by the Group of Seven. From Feb. 5, 2023, similar price restrictions were applied to petroleum products from Russia. Enditem

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