The countries will implement a new policy on services related to the maritime transport of crude oil and oil products of Russian origin.

The United States, the G7 countries and the European Union impose a ban on the transportation of Russian crude oil by sea.

The ban will go into effect on December 5, 2022, and will be expanded on February 5, 2023, according to the Treasury Department’s preliminary shipping policy implementation guidance.

“As part of a coalition of countries including the G7 and the EU, the United States will implement a policy on a wide range of services related to the sea transportation of crude oil and petroleum products of Russian origin. This ban will come into force on December 5, 2022 in relation to sea transportation crude oil and February 5, 2023 in relation to the sea transportation of petroleum products.

Recall that  the price cap plan agreed by the G7 last week  calls on the participating countries to refuse insurance, financing, brokerage and other services for oil cargo from the Russian Federation if the cost of these cargoes is higher than the yet-to-be-determined price limit for oil and two types of oil products.

The idea of ​​introducing  marginal prices for Russian oil  was put forward at the G7 leaders’ summit at the end of June. Thus, the G7 countries intend to limit Moscow’s income from oil sales.

If Russia does not take into account the  limitation of the price of its oil , the G7 countries are considering imposing a complete ban on the transportation of Russian oil.

(C)UNIAN 2022