Buying considerable amounts of Russian oil above the price cap agreed upon or providing fraudulent data or documentation of the transactions may bring about sanctions enforcement, the US Treasury Department said in a guidance document for the policy.    

"Persons that make significant purchases of oil above the price cap and knowingly rely on service providers subject to the maritime services policy, or persons that knowingly provide false information, documentation, or attestations to such a service provider, will have potentially violated the maritime services' policy and may be a target for a sanctions enforcement action," the guidance said on Friday.  

According to the guidance, the price cap will be set through a joint process of countries who agree to take part in the price cap coalition, and it will take effect on December 5 for crude oil and on February 5, 2023, for refined products.

The preliminary guidance that the United States published says that the US will maintain the previously imposed ban on Russian oil imports even after implementing the price cap on maritime crude oil imports originating from the country.

"Pursuant to Executive Order 14066 …, the United States has imposed a prohibition on the importation of Russian Federation origin crude oil; petroleum; and petroleum fuels, oils, and products of their distillation. This prohibition will remain in place alongside the U.S. implementation of the maritime services policy and price exception," the guidance said on Friday.    

Read next: G7 nations set to agree on Russian oil price cap

Russia has pledged to stop exporting its oil to countries that would apply the price caps.

In a notice, the US Treasury Department said that the price cap mechanism on Russian oil implemented by the Group of Seven (G7) countries will offer protections for maritime service providers unknowingly involved in cases.

"This record keeping and attestation process is designed to create a 'safe harbor' for service providers from liability for breach of sanctions in cases where service providers inadvertently deal in the purchase of seaborne Russian oil above the price cap due to falsified records provided by those who act in bad faith and make material misrepresentations," the notice said.

Those who violate the price cap on Russian oil exports will suffer consequences under the domestic law of the jurisdictions enforcing the quota, according to US Deputy Treasury Secretary Wally Adeyemo.

Putin warns 'no gas, no oil' to if prices capped

Russian President Vladimir Putin said on September 7 that Russia will stop supplying oil and gas to countries that impose price ceilings.  

Capping prices, as some Western countries are considering, "would be an absolutely stupid decision," Putin told the Eastern Economic Forum in the Pacific port city of Vladivostok.    

"We will not supply anything at all if it is contrary to our interests, in this case economic (interests)," he said. "No gas, no oil, no coal, no fuel oil, nothing."