Putin extends Russian oil ban tied to G7, EU price cap through 2027

Russia has extended its ban on supplying oil and petroleum products subject to the G7/EU price cap mechanism through the end of 2027, maintaining restrictions on trade flows originally enacted in February 2023. This prolongs uncertainty and rerouting pressures for tanker traffic, particularly affecting export terminals such as Primorsk, as Russia continues to redirect crude exports to India, China, and Turkey outside the price cap framework.