The Russian leadership has extended Moscow’s retaliatory restrictions on oil and petroleum product shipments in response to the price cap imposed by foreign governments. The extension runs through December 31, 2023, according to the latest official document released on Russia’s legal proceedings portal.
Last December, President Vladimir Putin issued a decree that bans the supply of oil and petroleum products from the Russian Federation to foreign entities if their contracts explicitly or indirectly reference the price cap set by adversarial states. The decree, which clarifies the scope of the retaliation, came into effect on February 1, 2023, and has guided Russia’s trade posture in the oil sector since then. The new document confirms the continuation of these measures through the end of 2023, underscoring Moscow’s ongoing response to Western price controls and sanctions.
Originally, these retaliatory measures were scheduled to end on July 1, 2023. The latest official update extends the period until December 31, 2023, signaling a sustained stance by Moscow in defense of its oil revenue streams and market leverage. The extension keeps the mechanism in place for foreign buyers who are influenced by price cap policies, reinforcing Russia’s position in the global energy market.
Additionally, in November of the previous year, Putin approved a list featuring more than 190 manufacturers of equipment as well as firms providing services to the fuel and energy complex. The list also covers entities trading in foreign shares that are restricted from participation, indicating a broader effort to control foreign involvement in key energy-sector actors. This move aims to shield strategic resources and infrastructure from perceived external pressure while maintaining sovereign control over critical supply chains.