The United States has postponed price restrictions on russian oil until January
5.11.2022 - 12:50
The US has postponed the start of the price cap on russian oil, giving tankers another 45 days to unload.
The price cap on russian oil was due to be introduced on December 5 to coincide with the start of an EU embargo on imports of russian crude oil by sea. However, supplies have now been allowed until January 19, according to new guidance from the US Treasury Department.
The current price cap plan will allow the sale of russian offshore oil to third countries, only at a price lower than that agreed by the G7 countries, the EU and Australia.
The updated guidance means that a shipment of russian raw oil loaded by Dec. 5 will have until Jan. 19 to reach its most distant markets before falling under the price cap. This was reported by the Office of Foreign Assets Control (Ofac) of the US Treasury Department. The level of the ceiling price has not yet been confirmed, but US reports cite officials as suggesting it will be around $63 per barrel, Reuters writes.
The shift in dates is the latest issue to affect the price cap proposal. This scheme was quite complicated and was rejected by key russian rawoil importers such as India, Turkey and China.
Although China and India are not currently participating in the price cap plan, the US hopes that they will want to benefit from lower market prices for russian oil.
Earlier, russian federation declared that it would not sell oil to any country participating in the restriction. However, Russia’s own tonnage and “shadow” fleet will not be enough to maintain oil exports at the current level.
Previously, USM wrote that russian federation began to actively rebuild the global tanker fleet before the EU ban on the sale of russian oil.
