On November 22, 2022, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) published a determination targeting Russian-origin crude oil pursuant to section 1(a)(ii) of Executive Order 14071.
This update addresses the full implementation of the price cap policy for crude oil and petroleum products of Russian origin by the U.S. Department of the Treasury’s Office of Foreign.
This update addresses the full implementation of the price cap policy for crude oil and petroleum products of Russian origin by the U.S. Department of the Treasury’s Office of Foreign.
In order to continue restricting Russia’s ability to finance war efforts against Ukraine, on February 3, 2023, the G7 nations implemented two new price caps on seaborne petroleum.