MOSCOW, 10 Sep — PRIME. The United States intends to punish individuals and companies that will buy Russian oil more expensive than the upcoming price restrictions, the US Treasury Department said.
“Individuals and entities that make significant purchases of oil in excess of price limits … may be subject to actions aimed at enforcing sanctions,” said background materials published ahead of the implementation of the initiative.
The ministry also said that the price ceiling for the import of Russian oil will be set by all countries that agree to the application of the new mechanism, the US Treasury Department said.
“Countries that agree to apply a maritime service policy and price exemptions, those who commit themselves to apply price caps on imports, will be able to directly participate in the coalition consultative process of setting price caps,” said background materials published ahead of the implementation of the initiative.
The ministry added that the coalition would be guided in its decisions by a set of technical factors and would work under a “coordinator” who would be appointed on a rotating basis.
At the same time, the ministry confirmed that the United States, together with allies from the G7 and the European Union, will impose a ban on the sea transportation of Russian oil on December 5, and oil products on February 5.
The ban on the transportation of crude oil by sea will come into force on December 5, 2022, and on the sea transportation of petroleum products on February 5, 2023.
The coalition intends to make exceptions to the ban on supplies that fit into the price limits that the allies will determine.