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Price Cap Coalition statements and guidance

Coalition statements and guidance in response to recent developments in the maritime Russian oil trade.

Details

Publication date
21 October 2024 (Last updated on: 21 October 2024)
Author
Directorate-General for Financial Stability, Financial Services and Capital Markets Union
Topic
  • Energy

Description

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

Files

  • 21 OCTOBER 2024
Price Cap Coalition advisory for the maritime oil industry and related sectors - October 2024
  • 12 OCTOBER 2023
Price Cap Coalition advisory for the maritime oil industry and related sectors