Treasury Department release guidelines for Russian oil transport ahead of planned price cap

The Treasury Department released guidance on the safe transport of oil of Russian origin before the price gap on the product activates on Dec. 5.

That so-called Price Gap Coalition is aiming to deprive Russia of a funding source to continue its war against Ukraine.

"We're taking these steps to make it as easy as possible for market participants to implement the price cap policy as of Dec. 5 consistent with the coalition's goals of allowing Russians to keep foreign oil flow while lowering the Kremlin's revenues," the official said.addressing the transport of Russian oil by sea.

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