West to try to set price cap on oil from Russia starting from December 5 — US Treasury

West to try to set price cap on oil from Russia starting from December 5 — US Treasury
# 10 September 2022 05:27 (UTC +04:00)

The West intends to attempt to impose a ban on the transportation of Russian oil by sea from early December and petroleum products from early February next year, according to the US Treasure preliminary guidance on implementation of a maritime services policy and related price exception for seaborne Russian oil, APA reports citing TASS.

"As part of a coalition of countries including the G7 and the EU, the United States will implement a policy with regards to a broad range of services related to the maritime transportation (the ‘maritime services policy’) of Russian Federation origin crude oil and petroleum products (‘seaborne Russian oil’). This ban will take effect on December 5, 2022 with respect to maritime transportation of crude oil and on February 5, 2023 with respect to maritime transportation of petroleum products," the US Treasury said.

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THE OPERATION IS BEING PERFORMED