The US Department of the Treasury has published a preliminary plan for a mechanism to limit the price of Russian oil. The ban on maritime transportation of crude oil will come into force on December 5, on petroleum products - in February 2023. US import embargo to remain.

“The United States has banned the import of Russian crude oil, petroleum products, fuels, oils and products of their distillation in connection with the ongoing attempts of the Russian Federation to undermine the sovereignty and territorial integrity of Ukraine. This ban will remain in place,” the recommendations read..

The United States is ready to allow the sale or supply of oil to companies that buy oil at or below the “price ceiling” set by a coalition of countries. Sanctions will be imposed against companies that buy oil at a higher price.

Countries that agree to apply the limits will be able to participate in pricing.

Importers and refiners of Russian oil will have to document that the cost of purchased oil does not exceed the “price ceiling”, in particular, so that suppliers of services for the sea delivery of oil do not fall under the sanctions.

The recommendations also provide for the possibility of not applying sanctions to suppliers who were deliberately misinformed by the importer.

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EU countries will be able to abandon sea imports of Russian oil by 2023, and from pipeline imports by 2027. If sanctions are lifted from Tehran, Iranian oil will replace 50% of Russian supplies to the EU market, while Saudi oil is already successfully replacing. Read about what awaits the energy sector of the aggressor in the article by Mikhail Gonchar “Why is the Russian Ministry of Energy (dis)informing the Kremlin”.