Business

Treasury Release Guidelines on Compliance with Russia’s Oil Price Limits


WASHINGTON — The Treasury Department has issued early guidance on how oil traders, financial institutions and insurers can comply Russian oil price limitas the US and its allies go ahead in implementing a new sanctions design.

In guide for market participants Announced Friday night, the Treasury Department outlined the steps companies will need to take to comply with the limit and offered guidance on how to spot evasion. The limit will come into effect on December 5, 2022 for Russian crude oil, and February 5, 2023 for refined products, the Finance Ministry said.



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