Russian President Vladimir Putin's decree on measures to respond to the imposition of an oil price ceiling also applies to existing contracts that directly or indirectly refer to that price ceiling.

According to APA's Moscow correspondent, Kremlin press secretary Dmitry Peskov said this.

"If there is a reference to a price limit, of course, sanctions will be applied. This is unacceptable. But if there is no reference to a price limit, then it will not be applied," said the Kremlin spokesman.

It should be noted that on December 5, Western sanctions related to determining the upper limit of Russian oil entered into force.

Thus, the European Union has stopped accepting Russian oil transported by sea.

The G7 countries, Australia and the EU have set a price limit of $60 per barrel for sea transportation of Russian oil. According to the sanctions, the transportation and insurance of Russian oil higher than this price is prohibited.

On December 28, Russian President Vladimir Putin signed a decree banning the supply of oil and oil products to countries that impose a price ceiling on Russian oil.

Moreover, the ban applies at all stages of supply to the final buyer.

The part of the decree related to oil comes into force on February 1, the government will determine the date when the part of oil products will come into force.