Putin Extends Russian Oil Export Ban to Price Cap Countries Through 2025

Russian President Vladimir Putin has extended a ban on the sale of Russian oil and petroleum products to buyers that comply with the Western-imposed price cap, pushing the restriction through the end of 2025. The decree, which first took effect in February 2023, prohibits Russian producers from exporting oil to foreign entities or individuals whose contracts include the $60 per barrel price ceiling set by the so-called Price Cap Coalition—primarily the G7 and EU nations. The goal of the Western policy was to keep Russian oil flowing to global…