Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Macron says Israeli PM's measures on Gaza 'unacceptable' and 'shameful'
Yemeni Armed Forces: Companies that have not announced the suspension of their flights should follow in the footsteps of those who did, suspending flights to airports in occupied Palestine
Yemeni Armed Forces: The operation confirms the continued blockade on navigation at Ben Gurion Airport
Yemeni Armed Forces: The missile successfully achieved its goal, causing millions of Zionists to flee to shelters and halting air traffic for about an hour
Yemeni Armed Forces: We targeted Ben Gurion Airport in the occupied Yafa region with a hypersonic ballistic missile
Al Mayadeen's correspondent: Air raid sirens sound in the Gaza envelope settlements
Al Mayadeen's correspondent in Gaza: The number of martyrs in the European Hospital massacre in Khan Younis has exceeded 20
Senior Resistance figure: Loser Netanyahu is trying to please the Zionist right by claiming that he is achieving success in Gaza
Senior Resistance figure: Israeli media reports about the presence of a Resistance leader at the site of the massacre committed by targeting the European Hospital are not true
Israeli army claims intercepting a ballistic missile launched from Yemen

Buying Russian oil above price cap to result in sanctions: US Treasury

  • By Al Mayadeen English
  • Source: Agencies
  • 10 Sep 2022 19:09
3 Min Read

As per a guidance document by the US Treasury Department, the price cap will be set through a joint process of countries and will take effect on December 5 for crude oil and on February 5, 2023, for refined products.

  • x
  • US Treasury Department building/Official Facebook page
    US Treasury Department building (Official Facebook page)

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

Related News

Macron blasts 'Israel' for blocking humanitarian aid to Gaza

'Unjust', 'incompatible': Iran on US sanctions amid 'useful' talks

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."     

  • United States
  • Russian oil
  • Russia
  • US Treasury
  • Russian Oil Exports

Most Read

Trump cut off contact with Netanyahu, senior Israeli official says

Trump cut off contact with Netanyahu: Israeli media

  • US & Canada
  • 9 May 2025
Saree

Yemeni Armed Forces target key Israeli sites, USS Truman

  • MENA
  • 7 May 2025
A boy draped in a Palestinian flag carries a mock rocket during a weekly anti-US and anti-Israeli rally in Sanaa, Yemen, Friday, May 9, 2025 (AP)

Yemen announces hypersonic missile strike on Ben Gurion Airport

  • Politics
  • 9 May 2025
President Donald Trump, left, greets Israeli Prime Minister Benjamin Netanyahu at the White House, Monday, April 7, 2025, in Washington (AP)

US pressures 'Israel' for Gaza deal; Witkoff's Israeli rebuke leaked

  • US & Canada
  • 9 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
Labour Party leader Keir Starmer with his wife Victoria make their way through supporters as they arrive at the count for the Holborn and St Pancras Parliamentary constituency where the Starmer is standing for election, in London, Friday, July 5, 2024 (AP)
Politics

UK Labour MPs urge government to recognize Palestine

Israeli exodus: 60,000 Israelis fled last year without return
Politics

Israeli exodus: 60,000 settlers fled last year on one-way tickets

Hollywood actors condemn Gaza violence days before Cannes Festival
Arts and Culture

350+ Hollywood actors condemn Gaza genocide ahead of Cannes Festival

Likud minister calls Trump as ‘unpredictable,’ unreliable
Palestine

Likud minister rebukes Trump, calls him 'unpredictable', unreliable

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS