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Sakhalin-2 Oil to Japan Under Temporary Price Cap Exemption

OIL

The US Department of the Treasury will allow Russian oil as part of the Sakhalin-2 project to be delivered to Japan outwith upcoming price sanctions.

  • The related transactions will be exempt from the Russian oil price cap until September 30, 2023.
  • "all transactions prohibited by the determination of November 21, 2022 related to the maritime transport of crude oil originating from the Sakhalin-2 project ("Sakhalin-2 byproduct") are authorized through 12:01 a.m. eastern daylight time, September 30, 2023, provided that the Sakalin-2 byproduct is solely for importation into Japan."
  • Around 60% of the oil produced at Sakkalin-2 is destined for Japan and is key for the country’s energy security. A number of Japanese oil companies opted to remain invested in the Sakhalin-2 project despite a change in Russian ownership in recent months.
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