Complete by December 5
US Treasury document concerns Various services related to Russian oil:
– Trade
— Financing
– Public transport
– Insurance
– Flagging (placing state flags on ships)
— Customs mediation
“The United States is part of an international coalition (the “Price Ceiling Coalition”) that includes the G7, the European Union, and Australia, which agreed to ban imports of Russian crude oil and petroleum products, the guide says.
How notes The idea behind setting a cost cap is to “limit Russia’s revenue from oil exports while at the same time avoid fuel shortages that could drive prices up,” The New York Times reported.
At the same time, the United States and its allies intend to set a price “high enough” to exceed the cost of oil production, but “low enough to significantly affect their profits” to “encourage the Russians to continue selling.” ”
The article states that the United States “has allowed the European Union to take the lead” and has set a ceiling price for Russian oil.
“A Treasury Department spokesperson said that the US does not plan to bid specifically for European partners. A senior Treasury official said the coalition is expected to announce a price in the coming days. The price may change over time, according to regular reviews that take into account changing market conditions, the official said.
EU diplomats will meet on Wednesday to try to set a ceiling on the cost of oil from Russia, NYT authors reported. They have already discussed the issue with the US and “other industrialized countries of the G7”. The material emphasizes that the innovation should come into effect before December 5, when the EU’s almost complete embargo on Russian oil will come into effect.
“Safe Harbor” and other rules
The US Treasury document introduces the concept of a “safe haven”. According to this provision, insurers and suppliers of Russian oil will not be held liable if they unknowingly circumvent the imposed sanctions, for example, based on false information about the price of oil in transport operations.
The guide also states that Russian oil purchased outside the Russian Federation and then “substantially processed” is no longer subject to sanctions.
In addition, the USA allowed all transactions related to the sea transport of crude oil from the Sakhalin-2 project to Japan until September 30, 2023. But only on condition that “the product manufactured by Sakhalin-2 is fully imported into Japan.”
The document of the Ministry of Finance also states that financial transactions regarding the supply of Russian crude oil to Bulgaria, Croatia and EU countries that do not have access to the sea will be allowed.
The United States also authorized operations on the unloading of Russian oil in emergencies associated with the risk to the life of the crew and environmental protection.
“All necessary actions are permitted to resolve emergencies on board ships that relate to the health or safety of the crew and the protection of the environment, including safe berthing, mooring, emergency repairs or rescue operations,” the guide says.
At the same time, the United States Department of the Treasury noted that the document does not repeal the ban on the import of Russian oil into the United States.
According to the New York Times, limiting the cost of oil from Russia would “require a change in the European Union’s sanctions against Russia,” so the price ceiling agreement would require unanimous ratification by all 27 EU countries.
Seven top EU diplomats, who asked not to be named, told the publication that the price ceiling idea has received political support in bloc countries, but there are differences of opinion on exactly what the marginal cost should be.