According to the US and its allies, the cap will only apply to the first point of sale of Russian oil on land.

WASHINGTON— The United States and its allies have agreed on which Russian oil sales will be subject to a price cap, racing to finalize the details of the major new sanctions program before it goes into effect on December 5.

According to people familiar with the matter, each load of seaborne Russian oil will be subject to the price cap only through its first sale to a buyer on land, implying that resales of the same oil on land will not be subject to the cap.

According to people familiar with the plan’s parameters, the cost of transporting Russian oil will also be exempt from the cap.

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