US to Impose Ban on Maritime Transportation of Russian Oil Alongside G7 and EU

The United States, in collaboration with the G7 and European Union countries, will impose a ban on the maritime transportation of Russian oil starting December 5. According to reports from the US Treasury Department regarding the implementation of border prices for Russian oil, the ban will also extend to other petroleum products from February 5, 2023.

Countries and companies that purchase oil from Russia at or below the established maximum price will still be able to receive fuel via this route in the future. Only those countries that have agreed to implement this pricing mechanism may participate in the price cap determination. Once the restrictions come into effect, the US embargo on Russian oil supplies will be enforced.