Japan will tighten the price ceiling rules for Russian oil from February 20 – Kommersant
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The Japanese Ministry of Finance, with the support of the G7 countries, intends to tighten measures to comply with the price ceiling for Russian oil from February 20, the newspaper reported. Nikkei. According to the publication, the decision was also supported by the countries of the European Union (EU) and Australia.
Currently, as Nikkei notes, insurance companies and carriers are required to obtain assurance that the price of Russian oil does not exceed the established limit. This assurance is valid for the entire period of the insurance or transportation contract. The Japanese Ministry of Finance proposed to tighten these rules by requiring such a document to be provided for each loading.
In December 2022, the G7 countries, the European Union and Australia agreed on a price threshold under which international companies could transport or insure Russian oil only at prices below $60 per barrel. From February 5, 2023, there is also a price ceiling for petroleum products from Russia at $100 and $45 per barrel.
In December 2023, the United States and other G7 countries tightened control of the Urals price ceiling, after the discounts of the Russian brand to the standard reached a two-year minimum. In particular, the US Treasury imposed sanctions against tankers that transported Russian oil.
Read more in the Kommersant article. “Tankers entered sanctioned waters”.
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