US Treasury Issues New Guidance for Price Caps on Russian Oil

The Department of the Treasury recently issued new guidance for price caps on Russian oil, in order to keep energy markets calm.
The announcement by Washington is intended to provide breathing room for energy traders and shipping companies, as it attempts to reassure the markets about its new round of sanctions.
The Treasury announced, on Oct. 31, that said ships containing Russian oil before Dec. 5 and which unload at their destination by Jan. 19 will not be subject to the price cap imposed by Western governments.
However, sales of Russian oil shipments on or after Dec. 5 will be place under the price cap in order to have access to Western-owned insurance, financial, and shipping services, over which they have a monopoly….}