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G7 warns violators of rules on buying Russian oil

2024-02-02 08:17:00, Kosova & Bota CNA

G7 warns violators of rules on buying Russian oil

The coalition of countries that have placed a ceiling on the price of Russian oil issued a warning detailing ways traders are circumventing the mechanism and how people can report violations, the Treasury Department website said. of the United States.

The United States, other G7 countries and the European Union announced at the end of 2022 the imposition of a ceiling price of $60 per barrel on the purchase of Russian oil, in response to Moscow's aggression against Kiev in February of that year. ?

"Illegal activities may occur in many entities and sectors involved in the trade of Russian oil and its by-products," said the warning published on Friday. "Weak and insufficient enforcement processes by the entities involved may lead to violations of the limit set for Russian oil."

Last October, the United States Treasury Department began imposing sanctions on tankers suspected of carrying oil purchased above the fixed price limit of $60 per barrel. Since last year, sanctions have been imposed on around 24 tankers.

The Russian oil regulation prohibits Western companies from providing services such as insurance, transportation and financing for oil sold above the price ceiling.

The imposition of the Russian oil price cap is intended to reduce Russia's ability to finance the war in Ukraine by reducing its oil revenues, while ensuring adequate supplies for global oil markets.

Western sanctions have caused much of Russia's oil trade to shift away from traditional European customers to India and China. That has led some shipping companies to use outdated tankers to smuggle, which the US Treasury Department says is cutting into Russian revenues.

The warning says that some members of the coalition, including the EU, have introduced measures to more closely monitor the sale of tankers to third countries and to prevent their use for transporting Russian oil at a price above the set limit./ VOA





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