MOSCOW (Pakistan Point News / Sputnik - 10th September, 2022) The United States, together with its Group of Seven (G7) and allies, will impose a ban on the maritime transportation of Russian oil on December 5, and a ban on petroleum products on February 5, the US Treasury Department said.
"This ban will take effect on December 5, 2022 with respect to maritime transportation of crude oil and on February 5, 2023 with respect to maritime transportation of petroleum products," the US Treasury said in a statement.
According to the Treasury, the measures will not affect countries or companies that are already buying Russian oil at or below the planned price cap.
G7 finance ministers confirmed on September 2 their intention to impose price caps on Russian oil as part of expanded sanctions campaign against the country due to its special operation in Ukraine. Moscow, in turn, pledged to stop exporting Russian oil to the states that would apply the limits.
