Moscow: Russia has decided to extend the countermeasures decree on the price cap imposed by Western countries on buyers of Russian oil for six months, until the end of 2025.

According to Qatar News Agency, this decision was made through a decree issued by Russian President Vladimir Putin, prohibiting the sale of Russian oil and petroleum products to entities that have adopted a price cap for Russian oil at $60 per barrel.

The European Commission announced a new package of economic sanctions on Russia on Tuesday due to its military operation in Ukraine. The Commission proposed reducing the price cap imposed by the G7 on Russian crude oil to $45 per barrel from $60, aiming to reduce revenues from the Russian energy sector.

Western countries have imposed unprecedented sanctions on Russia due to its military operation in Ukraine. The sanctions targeted the financial and economic sectors, including a ban on transactions via the SWIFT international banking system, a freeze on the assets of the Russian Central Bank in Western countries, and the closure of airspace to Russian aircraft.