Japan introduced a “price ceiling” for russian oil products
7.02.2023 - 10:40
Japan joined the sanctions of the G7 countries, the European Union and Australia, and set price restrictions on russian oil products.
The mechanism for limiting the price of russian oil products by the G7 countries, the EU and Australia came into effect on February 5. According to the sanctions, a ceiling price of $45 per barrel was set for oil products traded at a discount to crude oil. The $100 per barrel price refers to highly refined petroleum products that trade at a premium to crude oil.
The restrictions announced by Japan are similar to measures implemented by the G7 countries, the EU and Australia, NHK reports. Japanese sanctions entered into force on February 6.
As noted in the Ministry of Trade of Japan, the impact of sanctions on supply in the country is likely to be limited. Since the beginning of the full-scale russian invasion of Ukraine, Japan has not imported russian oil products.
Also, on February 5, a ban on the import of petroleum products from russia into the European Union came into force. In particular, we are talking about gasoline, diesel, gas, oil and fuel oil.
The Council of the EU notes that a transition period of 55 days is provided for vessels carrying russian oil products purchased and loaded before February 5. The deadline for cargo unloading is April 1, 2023.
