The United States and its allies, which introduced a price cap for Russian oil, agreed to set two price caps for oil products from the Russian Federation. This is stated in an official message posted on the portal of the U.S. Department of the Treasury.
As noted in the regulatory notice, on Friday, January 20, U.S. Deputy Secretary of the Treasury Wally Adeyemo held an online meeting with the deputy finance ministers of countries that have imposed restrictions on the price of Russian seaborne oil to discuss progress made and determine next steps for finishing of policy of limiting prices for Russian oil products.
The participants in the meeting agreed with the approach regarding petroleum products from the Russian Federation, which involves the introduction of two price caps.
"One price cap is for oil products that are usually sold at a premium to the price of crude oil, such as diesel fuel or gasoline, the second price cap is for products that are sold at a discount to the price of crude oil, such as fuel oil," it was emphasized in a message from the U.S. Treasury.
The participants in the meeting agreed that such an approach will allow to better calibrate the policy of setting the price caps for petroleum products, taking into account the wide range of market prices at which they are traded.
The deputy ministers also agreed to review the maximum price for Russian oil in March.
"This will allow the coalition to take into account changes in the world markets after the introduction of the price caps for petroleum products, as well as to get acquainted with the results of the EU's technical examination regarding the price cap for oil," the U.S. Department of the Treasury said in a statement.
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