On 2 September, OFAC advised that G7 finance ministers re an intention to place a price cap on Russian crude oil and petroleum products. OFAC anticipates publishing preliminary guidance on the implementation of the price cap in September. The preliminary guidance will provide a high-level overview of this mechanism, including how US persons can comply, in advance of formal guidance and legal implementation to be issued at a later date.
The EU also announced it would abide by the price cap –
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