The US Treasury has published preliminary guidance on the application of the price ceiling
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The US Treasury Department has published a preliminary instruction on the application of price restrictions to oil products exported from Russia. Document published on the website of the ministry.
It follows from the document that a “price ceiling” for petroleum products following crude oil is planned in February as a condition for the exclusion from the then-imposed EU ban on their transportation by sea and the provision of related services.
The ministry will also release oil products obtained by deep processing outside of Russia from price restrictions, but simple mixing does not apply to this procedure. The US Treasury has not yet named specific figures.
On December 3, the EU countries agreed on a price ceiling for Russian oil of $60 per barrel. The document was published in the Official Journal of the EU on 4 December. The restriction came into force on December 5, along with a ban on the supply of Russian oil by sea to the EU countries. For petroleum products, the restriction will take effect from February 5, 2023. In addition to the EU countries, the G7 countries and Australia also joined the ceiling.
Commenting on this decision, Finance Minister Anton Siluanov stressed that Russia will sell oil at market prices to those countries that have not joined the energy price ceiling. He noted that the supply of Russian oil will not be carried out in those states that have introduced these restrictions.
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