Canada and G7-plus partners impose price cap on Russian crude oil December 9, 2022 – Ottawa, Ontario – Global Affairs Canada The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced that Canada is imposing further measures in response to the Russian regime’s illegal invasion and attempted annexation of Ukrainian […]
Russia – Australia implements the G7 price cap on Russian oil 7 December 2022 Category International relations Australia has joined the G7 in implementing a price cap on Russian oil. On 2 December 2022, G7 countries plus Australia agreed to the price cap of USD 60 per barrel of seaborne […]
OFAC published a Determination related to the institution of the price cap on Russian oil: Secretary of the Treasury Yellen issued a statement: SECRETARY STATEMENTS & REMARKS Statement by Secretary of the Treasury Janet L. Yellen on the Announcement of the Price Cap December 2, 2022 WASHINGTON – Secretary of […]
Russian oil: EU agrees on level of price cap The Council decided today to set an oil price cap for crude oil and petroleum oils and oils obtained from bituminous minerals (CN code 2709 00) which originate in or are exported from Russia, at USD 60 per barrel. The level of the cap […]
Oil Services Ban and Price Cap information The UK, in partnership with the G7 countries, Australia and the European Union, have agreed to set the price cap on Russian crude oil traded by firms shipping oil to third countries at USD$60. This price will be kept under review. The UK […]
Yesterday, OFAC published a Determination showing which new prohibitions on services related to the shipment of Russian crude oil were now in place (since it already couldn’t be imported into the US): They also published detailed guidance: And three General Licenses, exempting transactions related to Sakhalin 2, the E.U. nations […]
Oil Price Cap HM Treasury has created a new Unit to sit within the Office of Financial Sanctions Implementation (OFSI), to lead the Government’s work on the licensing and enforcement system for the Oil Price Cap; engage with industry to ensure readiness for the cap; and monitor the level and […]
Updates Related to Price Cap on Russian Oil Release date 09/02/2022 Body On September 2, 2022, G7 Finance Ministers issued a statement confirming their joint intention to implement a price cap with respect to Russian-origin crude oil and petroleum products. As described in the G7 statement, the G7 countries, along with other […]
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