Price Cap Coalition statements and guidance

The G7 Oil Price Cap Coalition established an oil price cap mechanism on Russian seaborne crude oil and petroleum products. EU operators are only allowed to provide maritime transport and related services for Russian crude oil and petroleum products if these are sold at or below the relevant price caps. This mechanism has been specifically designed to further reduce Russia's revenues, while keeping global energy markets stable through continued supplies. It is applicable to Russian crude oil since 5 December 2022, and to Russian petroleum products since 5 February 2023.

Statements