The condition of exempting Russian oil products from the price ceiling

According to the report of Fars News Agency’s International Economy reporter, citing Rashatoudi, the US Treasury announced that shipments of oil products produced from Russian oil abroad will not be subject to the price ceiling. The plan to apply the price ceiling for Russian oil products was supposed to start on February 5.

The US Department of Treasury has announced that in order for petroleum products to be excluded from this plan, these products must be refined outside of Russia.

Of course, this ministry has already announced that it will be exempted from the plan to apply the price ceiling if Russian oil is subjected to heavy processing outside of this country.

Of course, the US Department of Treasury has not yet determined specific instructions for applying the price ceiling for Russian oil. Since December 5, the United States and the Group of Seven, along with some other countries, have set a ceiling of $60 per barrel for Russian oil, but it is said that this price may change based on market conditions.

A few days ago, Vladimir Putin, the President of Russia, responded to this action by issuing an executive order prohibiting the sale of oil and petroleum products to domestic countries with the price ceiling set in this action.

Alexander Novak, the deputy prime minister of Russia, also said that the country is ready to reduce part of its oil production. Novak expects 500-700 barrels per day of Russian oil production to drop due to the price cap.

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