MOSCOW, June 26 (Xinhua) -- Russian President Vladimir Putin signed a decree on Monday extending a ban on exporting Russian oil and petroleum products to foreign buyers that observe a price cap.

Putin signed the original decree on Dec. 27, 2022 to impose countermeasures against some Western countries' price cap on Russian oil products.

It came into force on Feb. 1, 2023, and was expected to last valid until July 1, 2023. With the recent amendments, Putin has officially extended the decree until Dec. 31, 2023.

The decree prohibits supplying Russian oil and petroleum products to foreign legal entities and individuals if a price cap is directly or indirectly stipulated in the contracts.

The decree was a response to the decision made by the European Union, Group of Seven countries and Australia in December 2022 to introduce a price cap of 60 U.S. dollars per barrel on Russian seaborne crude oil. ■