The US will not impose sanctions on companies that buy Russian oil above the price limit

The US Treasury has ruled out secondary sanctions when imposing a price ceiling on Russian oil. This was announced by the director of the Office of Foreign Assets Control (OFAC, a division of the US Treasury) Andrea Gakki. It is planned to agree on the level of the marginal price in the coming weeks.

This topic was discussed at a webinar at the Association of Certified Anti-Money Laundering Professionals (ACAMS). The US plans to have three price ceilings: for crude oil from Russia, as well as two more for less and more expensive Russian oil products. If Russian oil has undergone significant processing in another country, then such a product will no longer be considered Russian in origin, Ms. Gakki said.

She specified that buyers of Russian oil who have entered into long-term contracts will be given time to modify or revise these agreements. “We’re not going to play the ‘yeah, gotcha’ game. We will not punish anyone, except in cases of deliberate circumvention of sanctions or knowingly participating in a material transaction (purchasing Russian oil at a price above the ceiling.— “b”),” said the director of OFAC (quoted from RBC).

In September, the G7 countries agreed on a price ceiling for Russian oil. The price limit has not yet been set. Also in September, US senators introduced a bill that would introduce secondary sanctions against non-US companies for facilitating purchases of Russian oil by companies from third countries at a price above the ceiling.

In terms of sanctions, the European Union (EU) has already imposed an embargo on Russian oil, which will come into force on December 5. The EU is also discussing a price ceiling for Russian oil, a measure planned include in the new restriction package. By data Politico was opposed by Hungary, as well as Cyprus, Greece and Malta, whose tankers carry most of Russian oil to the EU. Ministry of Energy of the Russian Federation warnedwhich excludes the sale of oil or gas at a limited price.

Details – in the publication “Kommersant” “Oil and gas covered ceilings”.

Laura Keffer