It is noted that the mechanism begins to work from the moment the “sea transportation to the first sale of petroleum products on land” begins in a jurisdiction other than Russia.
“If Russian petroleum products or oil from Russia is substantially refined ... in a jurisdiction other than the Russian Federation, they are no longer considered to be of Russian origin and therefore the price cap no longer applies,” the statement said.
Earlier it became known that from February 1, 2023, Russia will stop selling oil to those buyers who will prescribe the maximum price for raw materials in contracts.
The corresponding decree was signed by Russian President Vladimir Putin.
In early December, the G7 states (USA, Canada, France, Germany, Italy, Japan, Great Britain), the European Union and Australia banned their companies from insuring and transporting Russian oil by sea to third countries at a price higher than $60 per barrel.
From February 5, 2023, the relevant restrictions should also apply to petroleum products.