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Russian Oil Product Ban to Have Grace Period


The U.S. Treasury Department said Wednesday that shipments facing the G7’s upcoming price cap on oil products from Russia will have a grace period to arrive at their destination.

  • The Treasury said that cargoes of oil products that load before Feb. 5 and are unloaded at the port of destination before 00:01 ET (0501 GMT) on April 1 will not be subject to the price cap. The crude oil price cap also had a grace period.

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