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Press Release
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08 DEC 2022
Advisory on the Price Cap Policy by the G7, European Union, and Australia for Crude Oil and Petroleum Products of Russian Federation Origin
Advisory on the Price Cap Policy by the G7, European Union, and Australia for Crude Oil and Petroleum Products of Russian Federation Origin
[Updated: 26 October 2023]
On 2 September 2022, the G7 Finance Ministers (comprising Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States (“US”)) announced their joint intention to implement a prohibition on the supply of services which enable the maritime transportation of crude oil and petroleum products originating from the Russian Federation, unless those crude oil and petroleum products are purchased at or below a set price (the “Price Cap Policy”). Since then, the European Union and Australia have also implemented the Price Cap Policy.