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Guidance on Implementation of the Price Cap Policy for Crude Oil and Petroleum Products of Russian Federation Origin; Publication of Russia-related Determinations; Issuance of Russia-related General Licenses

02/03/2023
Press Release Link
Statement by Secretary of the Treasury Janet L. Yellen on the Announcement on the Price Caps for Seaborne Russian-Origin Petroleum Products

The Department of the Treasury's Office of Foreign Assets Control (OFAC) has published a determination pursuant to section 1(a)(ii), 1(b), and 5 of Executive Order (E.O.) 14071 and a determination pursuant to section 1(a)(ii) of Executive Order (E.O.) 14071 to implement the price cap policy for crude oil and petroleum products of Russian Federation origin. 

Additionally, OFAC has published Guidance on Implementation of the Price Cap Policy for Crude Oil and Petroleum Products of Russian Federation Origin and has issued Russia-related General License 56A and General License 57A.