U.S. guidance on implementation of Russia-origin petroleum products price cap policy

Guidance, general licenses, and determinations

Russia-origin petroleum products

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has published guidance regarding the price cap policy for crude oil and petroleum products of Russian origin.

Background

Members of the “price cap coalition”—Australia, Canada, the European Union, France, Germany, Italy, Japan, the United Kingdom, and the United States—on February 3, 2023, reached consensus on the maximum prices for seaborne Russian-origin petroleum products. Read TradeNewsFlash
 

For more information on sanctions and other responses to Russia’s war on Ukraine, visit KPMG’s dedicated website.

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