OFAC gives fair warning on Russian oil price cap

Mr. Watchlist

Updates Related to Price Cap on Russian Oil

Release date

09/02/2022

Body

On September 2, 2022, G7 Finance Ministersissued a statement confirming their joint intention to implement a price cap with respect to Russian-origin crude oil and petroleum products.As described in the G7 statement, the G7 countries, along with other allies and partners, plan to prohibit the provision of services that enable maritime transportation of such oil and products unless purchased at or below a price level determined by the coalition of countries adhering to and implementing the price cap.

Today, Secretary of the Treasury Janet L. Yellen also issued a separate statement on the price cap policy. In addition, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) anticipates publishing preliminary guidance on the implementation of the price cap in September. The preliminary guidance will provide a high-level overview of this mechanism, including…

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