US Department of the Treasury on Tuesday, November 22 published a number of documentsregarding the planned “ceiling” oil prices of the Russian Federation, in particular general guidelines for the implementation of the policy of price restraint for oil of Russian origin and various licenses laying down exceptions to the rules that have been introduced.
According to general guidelines, the United States, the G7 countries, the European Union and Australia have formed a “coalition to restrain prices” and intend to impose such restrictions “on a wide range of services related to sea transportation crude oil and petroleum products of Russian origin”.
At the same time, the marginal price for Russian oil will be “determined after the technical exercises” that this coalition will hold. The bans listed in the published documents will come into effect on December 5. The introduction of an oil price cap will not lift the ban on oil imports into the United States, the document explains.
Exceptions to prohibitions
Per permits published on the website of the US Treasury Department, until September 30, 2023, Japan may conduct all operations related to the transportation of crude oil by sea produced under the project “Sakhalin-2” provided it is “exclusively intended for importation into Japan”.
In addition, “certain operations related to the import of Russian oil” to Bulgaria, Croatia and landlocked EU member states will be allowed.
It will also allow unloading from ships carrying Russian oil in case of an emergency related to the health of their crew members or a threat to the environment.