Russian oil price cap policy now effective

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The price cap policy for Russian crude oil became effective on 5 December 2022. This has major implications for service providers involved in the maritime transportation of that product.

The price cap

The price cap has been set at US$60 per barrel by an international coalition. It includes the G7 – USA, UK, France, Germany, Italy, Japan and Canada – plus the European Union and Australia. The $60 price is not necessarily fixed; it can be altered in due course as a reaction to conditions…

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