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US Treasury Provides Details on Russian Oil Cap Timelines

OIL

The US Treasury Department on Monday announced the timeline for Russian petroleum cargoes that are subject to price caps.

  • “Crude oil of Russian Federation origin that is loaded onto a vessel at the port of loading prior to 12:01 a.m., eastern standard time, December 5, 2022, and unloaded at the port of destination prior to 12:01 a.m., eastern standard time, January 19, 2023, is not subject to the price cap,” according to the Treasury Department.
  • On 2 September, a coalition of G7, the EU and the US agreed to implement the “maritime service policy” to ban Russian Federation origin crude oil and petroleum products from 5 December 2022.
  • The ministers agreed on setting a price cap on Russian seaborne oil, which will be assessed by the coalition of the countries participating.

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