https://sputniknews.com/20221222/russian-oil-shipped-by-us-prior-to-april-1-2023-not-subject-to-price-cap-us-treasury-1105693830.html
Russian Oil Shipped by US Prior to April 1, 2023, Not Subject to Price Cap: US Treasury
Russian Oil Shipped by US Prior to April 1, 2023, Not Subject to Price Cap: US Treasury
MOSCOW (Sputnik) – Oil products of Russian origin, loaded onto tankers of American companies before February 5, 2023, and delivered to their destination prior… 22.12.2022, Sputnik International
2022-12-22T09:58+0000
2022-12-22T09:58+0000
2022-12-22T09:58+0000
economy
us
russia
oil price
/html/head/meta[@name=’og:title’]/@content
/html/head/meta[@name=’og:description’]/@content
https://cdnn1.img.sputniknews.com/img/07e6/0c/06/1105093537_0:161:3071:1888_1920x0_80_0_0_3c1bffc89ccc91eaa2b8f025baec507a.jpg
“US service providers can continue to provide services related to the maritime transport of petroleum products of Russian Federation origin purchased at a price above the price cap, provided that the petroleum products are loaded onto a vessel at the port of loading for maritime transport prior to 12:01 a.m., eastern standard time, February 5, 2023, and unloaded at the port of destination prior to 12:01 a.m., eastern daylight time, April 1, 2023,” the OFAC said in an update to frequently asked questions on Wednesday. The European Union’s $60 per barrel price cap on Russian oil went into effect on December 5, together with a ban on seaborne exports. The cap will be reviewed every two months to remain at 5% below the International Energy Agency benchmark. The G7 nations and Australia have also capped Russian oil exports at $60 per barrel. Russian Deputy Prime Minister Alexander Novak, commenting on the decision, said that Russia would not accept the price cap, even if the measure forced it to cut oil production. According to Novak, such restrictions interfere with market forces.
russia
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
2022
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
russia, oil, us, price cap, treasury
russia, oil, us, price cap, treasury
MOSCOW (Sputnik) – Oil products of Russian origin, loaded onto tankers of American companies before February 5, 2023, and delivered to their destination prior to April 1, are not subject to the price cap, the Office of Foreign Assets Control (OFAC) of the US Treasury Department said.
“US service providers can continue to provide services related to the maritime transport of petroleum products of Russian Federation origin purchased at a price above the price cap, provided that the petroleum products are loaded onto a vessel at the port of loading for maritime transport prior to 12:01 a.m., eastern standard time, February 5, 2023, and unloaded at the port of destination prior to 12:01 a.m., eastern daylight time, April 1, 2023,” the OFAC said in an update to frequently asked questions on Wednesday.
The European Union’s $60 per barrel price cap on Russian oil went into effect on December 5, together with a ban on seaborne exports. The cap will be reviewed every two months to remain at 5% below the International Energy Agency benchmark. The G7 nations and Australia have also capped Russian oil exports at $60 per barrel.
Russian Deputy Prime Minister Alexander Novak, commenting on the decision, said that Russia would not accept the price cap, even if the measure forced it to cut oil production. According to Novak, such restrictions interfere with market forces.
