The United States Department of the Treasury stated The price limit agreed by the company will not be valid. The international coalition formed by the G7 countries, the European Union and Australia when Russian crude oil is significantly converted in a jurisdiction other than the Russian Federation through any of the prescribed refining processes.
“Once upon a time, Russian petroleum products or Russian oil It has been substantially converted in a jurisdiction outside the Russian Federation, it is no longer considered to originate in the Russian Federation and therefore no longer applies to the maximum price.“, the Office of Foreign Asset Control (OFAC) explained in a preliminary guideline on the application of price caps to Russian petroleum products.
In this sense, the office affiliated to the Undersecretariat of Treasury, It expects to publish definitive unified guidance on the application of the price cap for Russian oil and Russian petroleum products.
OFAC, on the other hand, clarified the issue. The ceiling price will apply from the start of the maritime transport of Russian petroleum products to the first sale on land in a jurisdiction outside the Russian Federation. therefore, once the derivatives have cleared customs in a jurisdiction other than Russia, the maximum price will not apply to other land sales.
In any case, the specified Russian petroleum products loaded on a ship before February 5, 2023 and unloaded at the port of destination before April 1, 2023 “will not be subject to petroleum products determination” and accordingly US service providers may continue to provide services with respect to products purchased at any price.
Likewise, petroleum products are not considered to be exclusively originating in the Russian Federation, because they contain a the minimum amount of Russian crude derivatives left over from a container or tank.
“To evaluate if petroleum products originate in the Russian Federation, Americans can reasonably rely on a certificate of origin, “But if they have reason to believe that the document in question has been tampered with or is false, they should be careful.”