[4]The price cap is set by a Price Cap Coalition comprised of the G7, European Union (EU), and Australia. [7]The Russian oil price cap is not the first prohibition implemented by governments related to the importation of Russian oil and other energy resources. The U.S.,[8] UK,[9] EU,[10] and Canada[11] announced bans against the importation of Russian oil, oil products, and other commodities into their jurisdictions. [21]To implement a price cap exception for Russian oil and oil products purchased at or below a set price, the Office of Financial Sanctions Implementation (OFSI) issued a general license, which authorizes services related to Russian oil when the unit price of Russian oil is at or below the price cap amount. [6] “European Union officials set Russian oil price cap at $60 a barrel.” CNBC.

Source: Washington Post January 27, 2023 18:54 UTC