Japan and the G7 countries will strengthen the price ceiling for Russian oil

From February 20, Japan and the G7 countries plan to tighten the rules on limiting prices for imports of Russian oil.

From February 20, the Ministry of Finance of Japan will strengthen price restrictions on Russian oil, which were introduced by the countries of the “Great Seven” (G7), Nikkei writes.

“If shipping and insurance companies do business with oil distributors that import Russian crude oil, they will be required to obtain a declaration from the importer each time they load cargo that they comply with the upper limit,” the statement said.

The G7, the European Union and Australia agreed to strengthen these measures.

Read also: The long game. How tanker companies invent new loopholes for transporting Russian oil.

In particular, importers suspected of exceeding the price ceiling will be asked to provide detailed information on costs related to export procedures, transport costs and insurance premiums.

We will remind you that price restrictions were introduced in December 2022 in response to Russia’s invasion of Ukraine. The goal is to reduce the income of Russia, an oil-producing country, and limit Russian war financing.

As previously reported by USM, from December 5, 2022 to the end of 2023, shipowners from European countries transported 19.5 million barrels of Russian oil. This is 41.09% of all oil shipments from the Black Sea ports of the Russian Federation during this period.