The U.S. Treasury revised its Guidance on the Price Cap for Russian Oil
20 Dec 2023
On 20 December 2023, the Treasury of the United States published its updated 'Guidance on Implementation of the Price Cap Policy for Crude Oil and Petroleum Products of Russian Federation Origin', which introduces amendments agreed upon by the Leaders' Meeting of the Group of Seven (G7). These amendments aim to "strengthen the attestation and record-keeping processes for certain covered service providers".
The Price Cap Coalition is an international coalition of countries comprising Australia, the European Union (EU), and the G7. This coalition prohibits the import of crude oil and petroleum products from the Russian Federation and restricts a range of services in maritime transportation, unless the price of the product is at or below the specific price caps established by the Coalition.
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Type:
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Treatment and operation (Operational conditions)
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Industry:
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Manufacturing (Manufacture of coke and refined petroleum products)
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Services (Transportation and storage)
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Sources:
