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U.S., Allies Set Parameters for Price Cap on Russian Oil
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WASHINGTON—The U.S. and its allies have reached agreement on which sales of Russian oil will be subject to a price cap, racing to flesh out the details of the major new sanctions program before it begins on Dec. 5.
Each load of seaborne Russian oil will only be subject to the price cap when it is first sold to a buyer on land, the U.S. and its allies have determined, meaning resales of the same oil won’t have to fall under the cap, according to people familiar with the matter. The cost charged for transporting Russian oil also won’t be subject to the cap, the people familiar with the parameters of the plan said.
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