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U.S. Treasury Issues New Guidance on Russian Oil-Price Cap in Bid to Calm Markets
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WASHINGTON—The Treasury Department said that ships loaded with Russian oil before Dec. 5 won’t be subjected to U.S.-led price cap on Russian oil, as Washington attempts to reassure anxious oil markets about its plan for new sanctions.
Beginning on Dec. 5, the U.S. and its allies will ban companies in their countries from providing maritime services to shipments of Russian oil unless the oil is sold below a set price.
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