The US introduces price ceilings for oil products from the Russian Federation from February 5, with an exception for a number of EU countries
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US Treasury announced about plans to limit the cost of Russian oil products from February 5. The ceilings will be set at $100 and $45 per barrel for products that trade at a premium and a discount to oil, respectively. An exception will be made for the supply of petroleum products to Bulgaria, Croatia and EU countries that do not have access to the sea.
The US Treasury explained the exception by the previous decision of the EU Council – in the sixth package of European sanctions on the embargo on Russian oil and oil products, exceptions were made for the supply of oil and oil products to Bulgaria until the end of 2024, Croatia can buy gas oil until the end of 2023. In addition, the EU has provided exceptions to the oil embargo for oil imports via pipelines for those countries that have no alternatives.
It is expected that from February 5, US individuals and legal entities will be prohibited from providing a number of services in transactions with Russian oil products if they are above the established ceiling. The exception applies to transactions that relate to products shipped before February 5th. The US embargo on Russian oil and petroleum products remains in place.
G7, EU and Australia earlier agreed price ceilings for Russian oil products. Everyone plans to introduce a cap at $100 and $45 per barrel. At the same time, the EU also planned an embargo on oil products from February 5.
How Russia reacted to the introduction of oil sanctions – in the material “Kommersant” “Produce, but verify”.
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