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US Signals Increased Push to Enforce G7 Price Cap on Russia

OIL

The US will tighten enforcement of the price cap on Russian oil exports, a senior US Treasury Official said Dec. 20, cited by Bloomberg.

  • The US and allies have imposed sanctions on price cap violators since October. Russian Urals cargoes were exceeding the price cap throughout the summer.
  • US officials will now move to a second phase of the price cap with even tighter enforcement. This will concentrate on ensuring compliance among service providers in G7 nations.
  • The EU introduced a 12th package of sanctions against Russia Dec. 18, which includes provisions to improve the monitoring of the sale of oil tankers to third countries to restrict the shadow fleet of vessels used by Russia to thwart the price cap.
  • Measures also include more detailed attestation requirements which service providers need to receive from counterparties each time they load Russian oil.
Energy BulletsCommodities
Energy BulletsCommodities

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