Commodities

The US Treasury has threatened consequences for those who do not comply with the “ceiling” of oil prices from the Russian Federation

The United States expects that the West will be able to impose a price limit on oil imported from Russia from December 5 this year, the US Treasury said.

As one of the measures aimed at achieving this goal, it is planned to introduce a ban on the sea transportation of oil and oil products, the agency explained.

“The United States, as part of a coalition of countries from the G7 and the European Union, will begin to implement policies affecting a wide range of services related to the shipping of Russian oil,” the preliminary guidance on the introduction of a price ceiling on Russian oil says. In particular, as noted in the document of the department, from December 5 it is planned to introduce a ban on the transportation of crude oil from the Russian Federation by sea, and from February 5 next year – Russian oil products.

In accordance with the explanations of the Ministry of Finance, the states that will join the said “coalition” will be able to determine the maximum price for oil in the Russian Federation jointly on the basis of consensus.

The document confirms that the US embargo on Russian oil imports remains in force.

U.S. Treasury Secretary Wally Adeyemo said buyers who deliberately evade caps if the price ceiling were introduced would face “consequences.” “Our approach to the implementation of the measures is based on the principle that Russian oil should continue to enter the world market, provided that buyers and service providers comply in good faith with the principle of marginal prices,” he said, speaking at the Brookings Institution.

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“Those who evade the price cap by falsifying documents or otherwise concealing the true origin or price of oil will face the consequences of our national law in jurisdictions that enforce the price cap,” he said.

The G7 countries have already confirmed their desire to abandon the use of Russian oil in their markets.

Buyers of Russian oil who, if the United States and its partners impose a ceiling on oil prices from the Russian Federation, will knowingly evade these restrictions, will face the consequences, said US Deputy Treasury Secretary Wally Adeyemo.

“Our approach to the implementation of the measures is based on the principle that Russian oil should continue to enter the world market, provided that buyers and service providers comply in good faith with the principle of marginal prices,” he said, speaking at the Brookings Institution. The text of his speech is posted on the website of the US Treasury.

“Those who evade the price cap by falsifying documents or otherwise concealing the true origin or price of oil will face the consequences of our national law in jurisdictions that enforce the price cap,” he said.

Adeyemo noted that the price cap policy is based on the assumption that “it will be able to achieve its goals even if some buyers do not formally join it.”

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