Nikkei: G7 will tighten Russian oil price ceiling rules for importers
The Japanese Ministry of Finance and relevant departments from other G7 (Big Seven) countries plan to tighten price ceiling rules for importers of Russian oil from February 20. Writes about this Nikkei.
Insurance companies and carriers are now required to obtain assurance that the price of oil does not exceed a specified limit. However, it is valid for the entire period of the insurance or transportation contract.
Now a similar document will be required for each loading. Representatives of the G7, the European Union (EU) and Australia agreed to tighten the rules.
Earlier, the US Treasury updated its guidance on compliance with the price ceiling for oil and petroleum products from Russia delivered by sea.
The price ceiling for Russian oil transported by sea was introduced by the G7 countries in early December 2022. Since then, the maximum permissible level of cost of raw materials from the Russian Federation has not changed and remains at $60 per barrel. In addition, leading Western insurance companies were prohibited from providing services to ship owners who violate the regime of restrictions on Russian raw materials.
During the year the sanctions were in effect, the leadership of the US Treasury and State Department introduced restrictions against a number of foreign logistics companies for assisting Russia in circumventing the restrictions, and also prohibited the owners of the violating vessels from carrying out most operations.
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