The new guidance is to calm oil markets
Crude oil of Russian Federation origin that is loaded onto a vessel at the port of loading prior to December 5, 2022, and unloaded at the port of destination prior to January 19, 2023, is not subject to the price cap, says U.S. Department of the Treasury.
“U.S. service providers can continue to provide services related to the maritime transport of crude oil of Russian Federation origin purchased at a price above the price cap, provided that the crude oil is loaded onto a vessel at the port of loading for maritime transport prior to 12:01 a.m., eastern standard time, December 5, 2022, and unloaded at the port of destination prior to 12:01 a.m., eastern standard time, January 19, 2023,” explains U.S. Department of the Treasury.
Washington thus tries to calm oil markets while implementing its plan for new sanctions against Russia.
