According to the US Treasury Department, the G7 countries will impose a price cap on Russian oil imports in the near future.
To achieve this goal, the US and G7 countries, including the EU, plan to introduce a ban on maritime transportation of Russian-origin crude oil and petroleum products. The US Treasury Department considers the ban an important step to put a ceiling on Russian oil prices. The document states that this measure will be introduced on December 5, 2022. Moreover, the ban on shipments of Russian petroleum products will come into effect from February 5, 2023.
The document issued by the US Treasury Department confirms that the embargo on Russian oil imports, earlier placed by the US authorities, remains in force. If buyers of Russian oil violate this ban, they will face negative consequences and will be punished in accordance with US law.
Earlier, the G7 countries agreed to introduce a ban on Russian oil imports. US Deputy Treasury Secretary Wally Adeyemo said imposing a price cap on Russian raw materials was caused by the current geopolitical situation.
