The United States agreed to introduce two price ceilings for Russian oil products

WASHINGTON, January 21 – RIA Novosti. The United States, together with its allies, agreed to impose two price ceilings on Russian oil products: those trading at a premium compared to oil and at a discount, the US Treasury Department said.
Deputy Treasury Secretary Wally Adeyomo on Friday held a virtual meeting with colleagues from countries that apply a mechanism to cap the price of Russian oil shipped by sea.

“Deputy ministers agreed on an approach that would see two ceilings for refined petroleum products… One for products that typically trade at a premium to crude oil, including diesel or gas oil, and one for products that sell at a discount.” , the message says.

It is planned to limit prices for Russian oil products in February, when the European Union will refuse to purchase them and prohibit their transportation by sea.
In addition, in March, the countries participating in the mechanism for limiting prices for Russian oil will revise it. Introduced in December, the ceiling on oil exported by sea is now $60 per barrel.

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“Deputy ministers (of finance) agreed to revise the level of the price ceiling for oil in March. This will allow the coalition to take into account developments in global markets,” the US Treasury said in a statement.
On December 5, Western oil sanctions came into force: the European Union stopped accepting Russian oil transported by sea, and the G7 countries, Australia and the EU imposed a price limit for sea transportation at $ 60 per barrel – more expensive oil to transport and insurance is prohibited. It is expected that from February 5, similar measures will be introduced for petroleum products, although the maximum price is not yet known.
Russia, in response, banned from February 1 to supply oil to foreign entities, if the contracts directly or indirectly provide for the use of the price cap mechanism. For petroleum products, the date will be determined by the government.
The overall duration of the presidential decree is limited to July 1, 2023.

The Ministry of Energy announced clarifications on the response to the oil price ceiling

Translation by RJ983

Disclaimer: Via RIA Novosti – Checked

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