Price cap determination on Russian crude oil

OFAC has posted a Notice that the Treasury Department has published a Determination relating to a price cap on crude oil of Russian Federation origin.

Under the Determination, effective 12:01 a.m. EST, December 5, 2022, the price cap on crude oil of Russian Federal origin will be $60 per barrel.

The Treasury Department also issued a Statement by Secretary of the Treasury Janet L. Yellen on the announcement of the price cap, and a Fact Sheet on "Limiting Kremlin Revenues and Stabilizing Global Energy Supply with a Price Cap on Russian Oil."