Russian oil price ceiling plan ‘guideline’

The US Treasury Department has published guidance on the ceiling price implementation plan for Russian oil.

In the guide, which provides guidance on the steps to be taken by the private sector to comply with the ceiling price application and the detection of smuggling, it was stated that those who purchase Russian crude oil at a price above the ceiling price and those who deliberately provide false documents may be subject to investigation for sanction violations.

The guide states that maritime services providers will not be held liable for incorrect pricing information provided by buyers and sellers of Russian crude oil.

In the guide, which points out that the governments participating in the price ceiling application will share information that will help the implementation of the application, it is stated that maritime service providers oil It has been reported that he must keep records of his shipments for 5 years.

In the guide, it was stated that the ceiling price application will come into effect on 5 December for Russian crude oil and on 5 February 2023 for refined products.

On the other hand, the US Department of the Treasury Economy Ben Harris, Undersecretary for Policy Policy, said at an event at the Brookings Institution that it will take a few more weeks to fully develop the plan, including setting the price ceiling.

The finance ministers of the G7 countries, which consist of the USA, Germany, England, Canada, France, Italy and Japan, announced that the plan to apply a ceiling price to Russian oil was approved after the meeting held in Germany last week.

In a joint statement by the G7 finance ministers, it was noted that the price ceiling would be determined later “based on a range of technical inputs”.

Russian Deputy Prime Minister Aleksandr Novak, on the other hand, announced that they would not sell oil and petroleum products to countries and companies that support the application of ceiling prices for Russian oil.

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