US updates control mechanism for Russian oil price ceiling

WASHINGTON: The United States and its allies have updated measures of ensuring compliance with the price cap for Russian oil, the US Treasur...

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WASHINGTON: The United States and its allies have updated measures of ensuring compliance with the price cap for Russian oil, the US Treasury Department said.

"Today, we are announcing revisions to the price cap compliance regime. First, we will soon require that relevant Coalition service providers receive attestations from their counterparties each time they lift or load Russian oil. Second, we are introducing changes that will require supply chain participants with access to itemized ancillary costs (e.g., insurance and freight) to share these upon request with entities further down the supply chain," the Treasury said.

"These changes will support the implementation of the oil price cap and disrupt circumvention by reducing opportunities for bad actors to use opaque shipping costs to disguise oil purchased above the cap," it added.

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