On September 2, 2022, G7 Finance Ministers issued a statement confirming their joint intention to implement a price cap with respect to Russian-origin crude oil and petroleum products. As described in the G7 statement, the G7 countries, along with other allies and partners, plan to prohibit the provision of services that enable maritime transportation of such oil and products unless purchased at or below a price level determined by the coalition of countries adhering to and implementing the price cap.
Today, Secretary of the Treasury Janet L. Yellen also issued a separate statement on the price cap policy. In addition, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) anticipates publishing preliminary guidance on the implementation of the price cap in September. The preliminary guidance will provide a high-level overview of this mechanism, including how U.S. persons can comply, in advance of formal guidance and legal implementation to be issued at a later date.