G7 countries plan to tighten rules for Russian oil imports
Kyiv • UNN
The G7 countries will tighten the rules on price restrictions for Russian oil imports, requiring importers to provide confirmation on a cargo-by-cargo basis that it complies with price restrictions, rather than for the duration of transportation contracts.
Starting December 20, the Group of Seven (G7) countries will tighten the rules for limiting the price of Russian oil imports, Nikkei reports, UNN writes.
Details
It is noted that shipping and insurance companies working with oil sellers will have to obtain confirmation from the importer for each cargo that it complies with the price caps.
Previously, confirmation was required for each period of validity of transportation contracts. Now a written confirmation is required for each load.
Importers suspected of exceeding the ceiling price will be required to provide detailed information on the costs associated with export procedures, transportation costs and insurance premiums.
As noted, the Group of Seven countries, the European Union, and Australia have agreed to tighten restrictions.
Recall
The price ceiling on Russian oil was introduced in December 2022 in response to Russia's invasion of Ukraine. Its goal is to reduce Russia's revenues from oil-producing countries and reduce funding for Russian military operations.