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As part of the sanctions imposed on the Russian Federation as a result of the Russo-Ukrainian War, on September 2, 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in an effort intended to reduce Russia's ability to finance its war on Ukraine while at the same time hoping to curb further increases to the 2021–2022 inflation surge.
The price cap held for most of the year, but Russia is now selling oil at about $68 per barrel, the highest price for Russian crude since last fall. That could go higher if market prices for oil ...
The Biden administration has proposed a price cap on Russian oil exports to limit President Vladimir Putin’s revenues from oil, which Hochstein said is being used directly to fund the country ...
The Biden administration is set to announce new measures to raise the cost of Russia’s attempts to skirt a limit set on the price for its oil, senior administration officials told CNN, as the ...
Russia charged an export duty on oil products, in May 2023 Light Oil products was $4.2 per tonne (compared to $12.9 in December 2022), Naphtha duty was $7.9 and gasoline $4.3 per tonne. [19] From 1 January 2024 the export duty fell to zero as Russia changed the taxation system to add oil to the Mineral Extraction Tax regime.
The U.S. Treasury on Thursday imposed a new round of sanctions on firms and ships that used American service providers to carry Russian crude oil in violation of the multinational price cap ...
The number of ships considered in violation of the embargo can be significant. In October 2023, 2 carrying crude oil and 21 with oil products were identified, out of a total of 182 tankers carrying oil from Russian Black Sea ports that month. [5] In 2023, under 5% of Russian crude oil products went to Europe, a fall of 90% in the year. [6]
WASHINGTON (Reuters) -The United States on Friday imposed additional sanctions related to the price cap on Russian oil, targeting three entities and three oil tankers as Washington seeks to close ...